On 23 April, International Hotel Investments plc issued an announcement to update the market with respect to its intention to raise new equity in order to expand its portfolio of hotels and mixed-use properties internationally.
In the announcement, the Company explained that in 2008 and again in 2010, the Company had made attempts to issue new shares by virtue of a public offering on an international exchange and subsequently list its shares on such an exchange. However, the turbulent economic conditions and the uncertainty in financial markets forced the Company to postpone the planned equity raising. Given that these challenges still prevail today, the financial markets still not provide the adequate environment for a successful launch of the Company’s share capital on an international market.
As a result, IHI announced that it is seeking alternative avenues to raise new equity to pursue its overall vision. In this respect, IHI has identified a number of potential investors, consisting primarily of sovereign funds and other institutions, to which it will make presentations. IHI will be inviting such potential investors to participate in the subscription of new shares with a view of raising new equity capital on a private placement basis.
IHI indicated that it will update the market with further developments as they arise.