Veteran developer Jim Raptis says he is in the process of applying to resume trading in the Australian Stock Exchange.
The Raptis Group, Mr Raptis’ property development company, has been in dire straights twice before, but now Mr Raptis says new investors are at the ready.
The company is set to get equity funding, while a new development site has been found that will re-launch the company. Mr Raptis says the company will broaden its focus from high-rise building, and will be announcing more on the projects they will be working on in the coming months.
The Raptis Group was one of the pioneering companies to shape the Gold Coast skyline, but has been in financial turmoil since 2008. The company was said to be in $1 billion debt, and a fabled relaunch in 2012 didn’t eventuate.
The group last traded in September 12, 2008.
The company was known for building the Hilton Hotel, Southport Central, The Moroccan and the Chevron Renaissance, and once owned the Sheraton Mirage and the Gold Coast International Hotel.
Source: Gold Coast Bulletin