Paradise Co Ltd, an operator in South Korea of foreigner-only casinos, announced on Monday that its shares are scheduled to start trading via the country’s KOSPI stock index on June 24. In March, the company had confirmed to GGRAsia its intention to delist from the KOSDAQ index.
In its latest filing, Paradise Co said it had met all the necessary requirements to transfer its shares to KOSPI, and received preliminary approval from the country’s stock market regulator.
The schedule for the start of trading via KOSPI might however “change”, stated the casino firm, “depending on the Korea’s Exchange notification of final listing approval and the results of discussions regarding the listing procedure”.
KOSPI is described by the Korea Exchange as the “leading index” of the South Korean bourse. According to business service provider PwC, the KOSDAQ is designed to support “venture and small and medium-sized companies’ smooth financing”.
Paradise Co directly operates three casino venues: Walkerhill in Seoul; Paradise Jeju on Jeju island; and a property in the port city of Busan.
It also has a venture with Japan’s Sega Sammy Holdings Inc, for the Paradise City casino resort at Incheon, near South Korea’s main airport.
Paradise Co reported last month net income attributable to shareholders of nearly KRW25.94 billion (US$18.8 million) for the first quarter of 2024, on sales that rose 38.2 percent year-on-year, to KRW264.77 billion.
