on Thursday, SLG said it had from the outset prioritised redeeming its outstanding redeemable convertible preference shares held by Penang Development Corp with the IPO proceeds, stating this order of priority in its preliminary prospectus."In view that the total gross proceeds is approximately S$5.81 million, the use of proceeds was updated accordingly and none of the gross proceeds from the placement would go towards expansion and working capital purposes," SLG said.
Under an investment agreement inked in 2016 to finance one of the group's two parks, Penang Development Corp holds two million preference shares, with a maturity date in June 2021. The investment agreement also gives Penang Development Corp the right to take over all of the group's principal subsidiary, in the event of a payment default or certain other conditions.
SLG runs two theme parks in Penang – Escape Adventureplay and Escape Waterplay – with a third set to open in the first half this year. The group also has plans to expand into China and South-east Asia, with Bangkok, Jakarta, Manila and Ho Chi Minh City named as potential sites.
Source: News Formal (newsformal.com)
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