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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » JKH to raise equity, foreign debt for casino resort

JKH to raise equity, foreign debt for casino resort

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
John Keells Holdings said an 800 million US dollar casino resort project will raise foreign debt and the parent may also make a cash call to invest 240 million US dollars in equity.

The project is estimated to cost 820 million US dollars with the first phase expected to cost more than 650 million US dollars, JKH said in a circular to shareholders.

Investments of 60 million US dollars will be made by land and JKH will invest 240 million US dollars in equity. JKH will use its cash reserves and debt.

"If appropriate and at the relevant time, JKH may seek an infusion of capital to JKH," the circular said.

The balance will be raised by the project company as debt.

The project firm has already mandated a foreign bank to raise the required debt, the statement said.

Apartments in the integrated resort will also be financed by pre-payments.

JKH said it will own 79.24 percent of the project firm, Waterfront Properties (Pvt) Ltd, and its effective control will be 96.7 percent.

The project involves an 800 room up market hotel, a convention centre that can hold 2,500 guests, an "international standard" shopping mall of 400,000 square feet, entertainment and gaming facilities of 150,000 square feet 240 apartments and a car park with 2,500 slots.

The second phase involves 200 serviced or residential apartments and a 400,000 square foot office tower.

The project will take five years or eight years depending on the timing of the second phase, which will depend on market conditions.

(LBO)
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=84920

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