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 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).

Hong KongThursday, Aug 31, 2017

Starlight Culture Entertainment Group saw its profits slide to a loss in the first half of 2017, due to a change in fair value of financial derivatives and a significant drop in revenue.

Hong KongSunday, Aug 27, 2017

Landing International Development Ltd says it is now expecting to record a net profit for the six months ended June 30, 2017, compared to a net loss in the prior year period.

Macau, Hong KongFriday, Aug 25, 2017

Hong Kong and Macau may be hit with another tropical storm, with residents already on edge following the destruction caused by Typhoon Hato on Wednesday.

Macau, Hong KongThursday, Aug 24, 2017

Details continue to emerge over the aftermath of the Category 10 typhoon which struck Macau and Hong Kong yesterday, causing severe flooding and damage to properties in the region.

Hong KongFriday, Aug 18, 2017

Casino cruise ship operator Genting Hong Kong reported a widened loss of US$203.2 million in 17H1, attributed to an increase in operating and administrative expenses.