HOO
SUPREME VENTURES Ltd. (SVL) opened its private share offer yesterday and closed it quickly after, having successfully raised $1.85 billion in less than a day.
The country's gaming giant was offering 500.7 million shares at $3.70 each to 50 investors in Jamaica, Trinidad and the eastern Caribbean. This private placement is preliminary to an offer to the general public by November.
"We are extremely pleased with the support from potential investors," said SVL Chairman Paul Hoo. "This clearly demonstrates the goodwill that the company attracts in the market."
The private placement was to have closed on July 27 and the shares allocated on July 28. NCB Capital Markets helped manage the placement and a spokesman there said the share allocation should instead be completed before the end of this week.
Best known for its Cash Pot and Lotto games, SVL is raising the cash to cut debt and fund further expansion.
