Landing Intl taps rights issue for S. Korea casino
Mainland China real estate developer Landing International Development Ltd on Monday issued its prospectus to raise approximately HKD6.54 billion (US$843.6 million) before expenses via a rights issue on the Hong Kong Stock Exchange.
It reiterated the details of an April announcement that much of the money would go towards an investment the group has made in a casino resort scheme on Jeju Island in South Korea.
“The company plans to raise and get ready approximately HKD4,460 million [HKD4.46 billion] in order to meet the further capital requirements of the Jeju Project,” Landing International said in Monday’s filing.
Landing International is linking with Singapore casino operator Genting Singapore Plc to build the US$1.8-billion casino resort. The project broke ground on February 12 and is to be known as Resorts World Jeju (pictured in a rendering). As the law in South Korea currently stands, the casino component of the resort will be open to foreigners-only
The rights issue exercise by Landing International is on the basis of ten rights shares – for every one share held on the record date – at the subscription price of HKD0.35 per rights share, with a total of approximately 18.7 billion rights shares to be issued.
The closing date for payment for rights shares by qualifying shareholders is Tuesday July 14, 2015.
The exercise is being underwritten by Kingston Securities Ltd, a unit of Kingston Financial Group Ltd. The latter conglomerate is itself an investor in several Macau casinos that use the licence of SJM Holdings Ltd.
Landing International also said in its rights issue prospectus that it needs approximately HKD608 million for a residential project in Yueyang in China’s Hunan province.
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