Junket firm Iao Kun applies for dual listing in HK

Jun 27, 2014 Newsdesk Industry Talk, Latest News, Macau  

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Macau junket room promoter Iao Kun Group Holding Co Ltd has made a formal application to list in Hong Kong, it said in a press statement issued in New York.

As GGRAsia reported on Thursday, the listing will be by “introduction”.

Iao Kun added that the application is subject to an initial three-day review by the Hong Kong Stock Exchange.

Listing by introduction is the same method used by Nasdaq-listed Macau casino developer Melco Crown Entertainment Ltd when it made a dual listing in Hong Kong in December 2011.

In such a process, a company that has shares issued on another exchange can – subject to local regulatory approval – list its shares in Hong Kong without raising new funds or issuing new shares.

Asia Entertainment & Resources Ltd – as Iao Kun was previously known – had an initial public offering on Nasdaq on August 15, 2008, with a launch priced at US$6.00 per share. At the close of business on Thursday New York time, Iao Kun was trading at US$3.06 per share, a fall of 2.24 percent on the day.

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