Shares priced at 75 cents
Hong Kong-listed Landing International Development has netted HKD1.79 billion (US$229.2 million) through the placement of 24 billion shares. It will use the proceeds to develop its Jeju Shinhwa World on the South Korean resort island of Jeju, adding it to “other working capital of the group,” the firm said in a filing.
The placing shares were priced at HKD0.075 apiece and subscribed by six independent third parties. Kingston Securities Ltd. was the placing agent, reported GGRAsia.
Jeju Shinhwa World celebrated its Phase I opening in April, with the debut of a 344-unit condominium. But the company needs “a further investment amount of approximately US$1 billion to cover the higher construction and development costs for Jeju Shinhwa World, and the accelerated spending for the upcoming period,” the firm said in an August 31 filing.
To that end, Landing will sell its Les Ambassadeurs Club and Casino in London for HKD2.5 billion, reaping an estimated HKD500 million from the sale.
Inside Asian Gaming reports that Landing has signed agreements with Four Seasons Hotels and Resorts Asia Pacific to launch a luxury Four Seasons resort at the Jeju Shinhwa World complex, and also plans a Hollywood-themed “Lionsgate Movie World” entertainment park.
The company will relocate its Landing Casino from the Hyatt Regency Jeju Hotel to Jeju Shinhwa World, which will complete construction sometime in 2019.
