Hong Kong-listed casino developer Landing International Development Ltd’s name change to ‘Shin Hwa World Ltd’ was confirmed on Tuesday by Hong Kong’s company registry, the firm said in a Thursday filing.
Landing International runs a foreigner-only casino resort in Jeju, in South Korea, called Jeju Shinhwa World (pictured). Previously, the firm had been linked with a Philippines resort complex.
The company had stated in late October it planned the name swap to ‘Shin Hwa World Ltd’, as the board thought it would “better reflect the current status of the group’s business development and its direction of future development”.
The company has adopted a new company logo as part of the change, it stated in the Thursday filing.
The announcement also clarified that all existing share certificates of the company under the old name “continue to be evidence of legal title”. It added: “Accordingly, there will not be any arrangement for free exchange of the existing share certificates of the company for new certificates.”
Any freshly-issued share certificates will henceforth only be under the new name.
In early November, the group said it had decided to “suspend all administrative and executive duties and powers” of Yang Zhihui as the company’s chairman and executive director, from November 18 until further notice. Mr Yang is also the firm’s majority shareholder.
The group stated the decision was due to a court petition against Mr Yang submitted by the Securities and Futures Commission of Hong Kong, regarding the businessman’s role in a separate Hong Kong-listed company.
The firm reported in August a net loss of nearly HKD105.4 million (US$13.4 million) for the first half of this year, compared with a HKD623.7-million loss a year earlier.
