Landing Int investors nod name swap to Shin Hwa World Ltd

Nov 30, 2022 Newsdesk Latest News, Rest of Asia, Top of the deck  

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The shareholders of Hong Kong-listed casino developer Landing International Development Ltd have unanimously approved changing the firm’s name to ‘Shin Hwa World Ltd’.

The vote took place on Tuesday during a special general meeting, the firm said in a filing.

It added further announcements would be made about “the effective date” of the name change, and regarding “details of the new stock short names of the company for trading of the shares on the stock exchange, [the] new logo and new website address of the company”.

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 scheme.

The company had said 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 proposed change of company name can provide the company with more accurate corporate image and clearer identity,” it added at the time.

Earlier this month, Landing International 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.

Landing International said 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.

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