ESun Holdings, which has overlapping shareholders with the Media Asia production and distribution group, has raised $58.3 million for a TV and entertainment complex in Macau. Coin came from sale of a new share issue and will be put toward the land premium for its Cotai site in Macau.
The entertainment company, part of Hong Kong’s Lai Sun Group, got the OK from the Macau government to build the $2.6 billion East Television City project into a casino, hotel and convention center complex, according to a report in the South China Morning Post. Project would include a film studio, concert hall, retail complex and hotels.
Lai Sun’s China property subsid Lai Fung Holdings is expected to take on 40% of the investment cost and will bring in Singapore’s CapitaLand, with which Media Asia is partnered in a Singapore casino bid, as a project investor.
ESun and parent Lai Sun Development asked for trading in their shares to be suspended Tuesday. Before the share placing, ESun owned 40.8% of Lai Sun and the developer held 38.31% of ESun.