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Lasseters Sells Shares on Singapore Exchange

SINGAPORE – As reported by the Business Times: "In the clearest sign of its readiness to accept companies from new and different industries, the Monetary Authority of Singapore yesterday gave the green light to investors betting on Singapore's first casino initial public offering.

"Australia-based Lasseters International Holdings launches its invitation of 45 million new shares today in a bid for a Sesdaq listing. Comprising 2 million public offer shares and 43 million placement shares, the offer is priced at 23.5 cents apiece or 10.63 times its net profit of A$2.4 million (S$2.86 million) for the year ended June 2003.

"…Lasseters hopes to raise A$6.8 million in net proceeds, of which A$3 million will be used to repay loans to Westpac Banking Corp and the National Bank of Australia. Another A$3.8 million will be used as working capital, including expansion through mergers and acquisitions…"

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