SIGNAL Media & Communications Holdings Ltd said it will buy 86 percent of MacauCo for HK$1.55 billion (US$198 million) to increase investment in property projects in Macau.
The company will construct high-end residential, retail and recreational facilities with a total gross floor area of 600,630 square feet, Signal Media said in a statement to the Hong Kong stock exchange yesterday.
Signal Media will pay for the acquisition with the issue of convertible bonds and a share placement. It will place 1.1 billion new shares at HK$0.18 apiece, raising HK$188 million, Bloomberg News reported.