SINGAPORE (Dow Jones)--Genting International PLC (G13.SG) said Wednesday it has raised S$2.17 billion from a rights offering to help pay for the development of its Singapore casino-resort. The rights offer followed Genting's issue of S$875 million in convertible bonds, bringing the total fundraising proceeds linked to the project to more than S$3 billion.
The Singapore-listed gaming company said in a statement Wednesday that it has so far awarded contracts worth a total of over S$600 million related to the resort construction.
Genting has said it expects the casino - to be located on Singapore's Sentosa island - to be completed in 2010 at a cost of about S$5.2 billion. Analysts, however, say escalating material prices could push up that figure.
<-------- Few more rights issue? By the way, the tender for the building will only close end 2007. Imported material prices which may be lower due to the winter season..who knows?
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