The controlling shareholder of mainland China real estate developer Landing International Development Ltd is seeking to raise as much as HKD600 million (US$77.4 million) from a private placement of Landing International Development shares. The latter firm is involved in several Asian casino projects.
The placement sought by the firm’s controlling stockholder Landing International Ltd (LIL), is for two billion existing units of Landing International Development’s stock at HKD0.30 per share. The reason for the exercise wasn’t stated in Wednesday’s filing to the Hong Kong Stock Exchange
On completion of the proposed placing, LIL’s holding in Landing International Development would be reduced from approximately 43 percent to 32 percent.
On January 15, Landing International Development announced it is to run a new casino resort in South Korea. It will pay HKD868.7 million for Wealth Seed Group Ltd, which operates – via a Korean subsidiary – the foreigners-only Alpensia casino at Holiday Inn Resort at Pyeongchang.
Pyeongchang, in the country’s Kangwon province, will host the Winter Olympic Games in February 2018.
Landing International Development in July said it would use about HK$320 million of HK$600 million raised from share subscriptions for investment in a US$2.2 billion casino resort it is seeking to develop on South Korea’s Jeju Island in partnership with Genting Singapore Plc. The latter firm is the developer and operator of the Resorts World Sentosa casino resort in Singapore.
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International Monetary Fund