Gaming firm Leisure Resorts World Corp. (LRWC) is eyeing to increase its authorized capital stock to P5 billion from P1.6 billion to expand its business.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said it is looking to raise P2.5 billion common shares and P2.5 billion preferred stocks, both with a par value of P1 a share.
It said the preferred shares may be issued in tranches or series and shall be non-voting, non-participating entitled to preferential and cumulative dividends of up to 12 percent per year.
A maximum of 2.5 billion of the Company's preferred shares equivalent to 125 million common shares shall be listed on the Exchange, it added.
"Proceeds of the preferred shares offer will be used to finance the acquisition of additional bingo sites; Belle Grande Integrated Resort and Casino project; Techzone project; and Midas Hotel project," said LRWC.
The listed company also announced that it will offer P1.75 billion perpetual preferred shares at a dividend rate of 8.5 percent through private placement or issuance.
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