U.K.-listed Fragrant Prosperity PLC – originally established to raise funds for a 70 percent equity interest in an existing casino operation on Jeju Island, South Korea – is also interested in listing in Hong Kong and Australia as it pursues other gaming investment opportunities in Asia, reported the Hong Kong Standard newspaper.
On Wednesday Fragrant Prosperity said in a filing to GXG Markets in London that it had completed the allotment there of 6,258,509 ordinary shares of £0.10 (US$0.17) per share to investors “for the purpose of working capital and investments”.
It currently has a market capitalisation of £3.10 million, according to its GXG entry.
On Monday, the firm said in a filing with GXG that it was acquiring 60 percent of the issued share capital of Singapore firm Monvest Group Pte Ltd – which it said is the operator of the National Lottery of Mongolia – “for a total consideration of £3 million to be satisfied by cash and share consideration”.
Calls and messages by GGRAsia this week for more information on Fragrant Prosperity’s plans, and to Monvest’s representative office in Ulan Bator, Mongolia, were not returned.
But other Hong Kong media quoted company executive Teh Chee Teong, speaking in Hong Kong, saying the firm had also been operating in the Macau junket sector for the past two months.
Fragrant Prosperity listed on GXG in London in December 2013, with the stated aim of pursuing casino investments in South Korea.
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"The six Macau casino operators should not be penalised for upping expenditure on player incentives, so long as their EBITDA margins are not materially diluted”
George Choi and Ryan Cheung
Analysts at Citigroup