Paul Y Engineering raises $411 million for luxury Macau project

The Hong Kong construction company is teaming up with a well-known Macau dealmaker to build a boutique hotel and casino that will become the main asset of the group.
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Macau's Cotai Strip
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<div style="text-align: left;"> Macau's Cotai Strip </div>

Paul Y Engineering Group PYE, a Hong Kong-listed construction and engineering firm, has raised $411 million from the sale of new shares and convertible bonds that will be put towards a highly exclusive boutique casino project in Macau.

This is the second-biggest equity capital-raising by a Hong Kong-listed company this year after Evergrande’s $561 million top-up placement and a massive transaction for PYE, which earlier this week had a market cap of just $84 million. The deal, which was arranged by CLSA as the sole placement agent, came with an upsize option of about $200 million, which wasn’t exercised.

The company is teaming up with...

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