The 13 announces capital reorganization, hotel opening in April

Owner and operator of The 13, an upcoming luxury hotel in Macau has announced plans for a capital reorganization that will see a consolidation in shares and a reduction in capital.

The company said it expects to credit the amount of HK$1.8 billion as a result of the capital reduction to the contributed surplus account of the Company, which will help facilitate the payment of dividends as and when the Directors consider it appropriate in the future.

The 13 Holdings said that the lower par value of the Adjusted Shares will also allow the Company greater flexibility in setting the issue price for future equity fund raising exercises.

Regarding the opening date, the operator noted that while the group was orignally expecting to see its hotel open on or before March 31, 2018, additional time has been required  for the preparation and the due diligence works in respect of the valuation assessment on The 13 project.

The company says it expects the hotel opening to now be on or before April 30, 2018.