• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Receivers end claim to Landing Int owner stake: filing

Mar 20, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck  


Receivers end claim to Landing Int owner stake: filing

Shares in Asian casino promoter Landing International Development Ltd began on Friday morning (March 20) to be available again for public trading, after a pause since 9am on Thursday.

The group said in a Thursday late-evening filing that the reason for the pause had been that it had learned on Wednesday that a claim of receivership of some other – privately-held – shares related to the overall ownership entity of Landing International Development had been “discharged” and those shares released.

The filing added that mainland businessman Yang Zhihui, group chairman, had “confirmed” there was therefore “no change in the ownership” of a company that is the ultimate owner of Landing International Development.

Landing International Development created a resort with foreigner-only casino, called Jeju Shinhwa World, on South Korea’s Jeju Island. The gaming portion of the facility – Landing Casino – opened in February 2018.

The Thursday late-evening filing added “no bona fide offer has been communicated to the board,” regarding any attempt to take over the business, and therefore the board had “no reason to believe” that such an offer might be “imminent”.

The document added, referring to Hong Kong bourse rules: “For the purposes of the Takeovers Code, the offer period in respect of the company closed on the date of this announcement.”

A filing earlier on Thursday evening had said that the audit of the group’s financial results for the year to December 31 had been “delayed due to the outbreak of coronavirus disease”. The group will now publish its unaudited annual results for 2019 on March 31.

Earlier this month Landing International Development Ltd said it expected to record an increase in its net loss for full-year 2019 of “not less than” 160 percent judged year-on-year. One of the reasons for the anticipated loss was a decline in gaming revenue, the firm said.

In November last year, Mr Yang had said he would “take all necessary and appropriate actions to protect his interests” after Landing International Development disclosed that just over half the shares in an offshore firm that is its ultimate owner had been claimed by two people acting as receivers.

The holding related – as stated in the filing at that time – to 50.48 percent in Landing International Ltd.

According to Landing International Development’s 2018 annual report, filed with the Hong Kong bourse on April 29, Landing International Ltd is a British Virgin Islands vehicle. It is the “ultimate holding company” of Landing International Development, and Mr Yang is the offshore entity’s sole shareholder.


  • tweet
Related articles
  • Police find US$11m of missed Landing cash, suspects sought
    Police find US$11m of missed Landing...

    Jan 14, 2021  

  • Landing asks police to track down employee: reports
    Landing asks police to track down...

    Jan 08, 2021  

More news
  • Londoner Macao first phase launch Feb 8 says Sands China
    Londoner Macao first phase launch Feb 8...

    Jan 21, 2021  

  • Grand Lisboa Palace backer SJM taps circa US$1bln in notes
    Grand Lisboa Palace backer SJM taps...

    Jan 21, 2021  


Latest News

Londoner Macao first phase launch Feb 8 says Sands China

Londoner Macao first phase launch Feb 8 says Sands China

Jan 21, 2021  

The first phase of the newly-rebranded Macau casino resort the Londoner Macao is to be launched on February 8, the property’s promoter Sands China Ltd, announced on Thursday. The company said the...
Read More
Grand Lisboa Palace backer SJM taps circa US$1bln in notes

Grand Lisboa Palace backer SJM taps circa US$1bln in notes

Jan 21, 2021  

Sands China sixth Macau op to pledge staff extra payment

Sands China sixth Macau op to pledge staff extra payment

Jan 21, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

"Our expansion from 2021 and beyond will create tremendous opportunities to team members”

Francis Lui Yiu Tung

Vice chairman of Macau-based casino operator Galaxy Entertainment



Most Popular

  • CNY 2021 unlikely to boost Macau casinos, say observersCNY 2021 unlikely to boost Macau casinos, say observers January 15, 2021
  • Casino op MGM China to pay most staff discretionary bonusCasino op MGM China to pay most staff discretionary bonus January 18, 2021
  • Wynn and Melco also flag bonus for Macau staffWynn and Melco also flag bonus for Macau staff January 19, 2021
  • Investors see 2H Macau gain, rebound 2022: BernsteinInvestors see 2H Macau gain, rebound 2022: Bernstein January 19, 2021
  • Wakayama casino RFP deadline affirms still 2 suitorsWakayama casino RFP deadline affirms still 2 suitors January 18, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us