Yang makes offer for remaining stake of Landing Intl

Landing International Ltd., owned by Yang Zhihui on Wednesday acquired an additional 5.26 percent stake in Landing International Development, increasing its stake to 51.41 percent.

Under Hong Kong’s Takeover Code, Landing International is required to make a mandatory unconditional cash offer for all issued shares not already owned.

Thus, Landing International on Thursday announced it had made a cash offer of HK$0.075 for each offer share. Assuming that the offer is accepted in full by shareholders, the entire issued share offer is valued at approximately HK$4.5 billion, said the company on Thursday.

The offerer said it intends to finance the consideration with a loan facility granted by Kingston Securities and its own financial resources.

Landing International is an investment holding company wholly and ultimately owned by Mr. Yang. The group is principally engaged in the development and operation of integrated leisure and entertainment resorts, namely Jeju Shinhwa World in South Korea, gaming and entertainment facilities; and property development.

Landing says it considers the acquisition an opportunity for it to increase its stake and consolidate control in the company, but doesn’t intend to rock the boat.

“Following completion of the Offer, the Offeror intends that the Group will continue to operate its business in substantially its current state.”

More news from this jurisdiction

Hong KongFriday, Nov 17, 2017

Casino cruise operator Genting Hong Kong has announced the sale of 10 million shares in Norwegian Cruise Line Holdings for an aggregate amount of US$270.1 million.

Hong KongThursday, Nov 16, 2017

Genting Hong Kong has requested a halt in the trading of its shares on the HKEx pending an announcement relating to the disposal of Norwegian Cruise Line shares.

Hong KongFriday, Oct 27, 2017

The Hong Kong Football Association (HKFA) has demonstrated its on-going commitment to integrity by hosting a week-long integrity programme for players and officials across the territory.

Hong KongMonday, Oct 23, 2017

MGM is proud to have won one Gold and two Bronze Awards at the HR Innovation Awards 2017 organized by the Human Resources magazine.

Hong KongMonday, Oct 09, 2017

Melco International Development plans to give Hong Kong’s Jumbo Floating Restaurant in Aberdeen Harbour a facelift, local media reports.

Hong KongMonday, Sep 18, 2017

Genting Hong Kong announced the appointment of Tom Wolber as the president and CEO of Crystal Cruises on Friday, succeeding Edie Rodriguez.

Hong KongFriday, Sep 15, 2017

Hong Kong-listed Landing International Development Ltd has announced it has successfully placed 24 billion shares on Thursday, raising around HK$1.8 billion (US$230.3 million).