SkyCity's pushing back, against opposition to its heavily discounted capital raise

The company's confirmed it plans to raise 240-million dollars, after reporting a 42-percent drop in underlying profit.

Its largest shareholder -- South African investment firm Allan Gray -- says SkyCity should be trying to raise the capital through asset sales first.

Chief Executive Jason Walbridge says it IS pursuing asset sales, but it's taking time.

He says they've been working hard on monetising their carparks and commercial building, but it's a tough economic time right now.