The Mine Reclamation Corp, which had been the largest-single investor in Korea Exchange-listed Kangwon Land Inc, has tranfered its entire 36.27-percent stake in the casino operator to a successor body, according to a Wednesday filing by Kangwon Land Inc.
The latter firm is the promoter of Kangwon Land (pictured), the only casino in South Korea permitted to offer gambling to locals.
Just under 77.6 million shares were involved in the exercise by the Mine Reclamation Corp.
The stake is now controlled by an entity called the Korea Mine Rehabilitation and Mineral Resources Corp. The change took effect on September 9.
The filing said the move was “in line with the Korea Mine Rehabilitation and Mineral Resources Corp Act,” enacted on March 9, and enforced on September 10.
The Korea Mine Rehabilitation and Mineral Resources Corp was set up as as a new public agency to oversee metals, minerals and mining affairs in the country, according to media reports. If was formed via combining two existing bodies: the Korea Resources Corp and the Mine Reclamation Corp.
A factor initially in setting up the Kangwon Land resort was to generate income to support economically-depressed former mining communities in Gangwon Province, an upland area outside the capital, Seoul.
In August it was announced that Kangwon Land Inc was to have its gaming licence extended for 20 years, to 2045, following a cabinet meeting that approved an amendment to the law that allows operation of the Kangwon Land resort.
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