Dec 15, 2016 Newsdesk Latest News, Rest of Asia, Top of the deck  
Hong Kong-listed investment firm Landing International Development Ltd said it is “actively considering” options to raise funds to complete the acquisition of the remaining 50-percent stake in a casino project under construction on Jeju Island in South Korea.
Landing International has agreed to pay US$420 million for the 50-percent stake held by Genting Singapore Plc. Genting Singapore announced last month it was selling its participation in the Jeju Shinhwa World project – previously known as either “Myths and History Park” or “Resorts World Jeju” – in order to focus on other projects, including a potential investment in Japan.
“After recent review of the group’s financing needs … the company is actively considering the conduct of equity fund raising and the fund raising methods available to the company, including rights issue,” Landing International said in a filing on Wednesday.
Landing International had previously said that it would be “advantageous” for the company to obtain 100-percent control of the development and management of the Jeju project, as it would “enjoy the absolute economic benefits from its entire future earnings”.
In Wednesday’s filing, the Hong Kong-listed firm said it would still discuss with financial institutions and its controlling shareholder “the various equity financing possibilities available”.
Landing International reported a loss of HKD526.5 million (US$67.9 million) for the six months to June 30, compared to a loss of HKD143.9 million in the prior-year period. Revenue rose 307.7 percent year-on-year to HKD445.3 million, positively affected by the firm’s gaming operations. The gaming segment reported a profit of HKD82.1 million in the first six months of 2016.
Apr 18, 2024
Mar 27, 2024
Apr 26, 2024
Apr 26, 2024
Apr 26, 2024
The Edge financial news outlet reported on Friday a statement on behalf of Malaysian businessman Vincent Tan of lottery specialist Berjaya Corp Bhd, describing as “inaccurate” reports of talks on...(Click here for more)
"With our ambition to be the leading gaming platform for the regulated online real money gaming industry, the addition of NeoGames to our team advances our strategy to build global scale and capability"
Trevor Croker
Chief executive of Aristocrat Leisure