Imperial Pacific International has announced it has entered into a sale and purchase agreement to acquire a 50 percent stake in American Sinopan LLC, a company developing on two pieces of land in Saipan.
According to a filing from IPI on Wednesday night, the consideration for the equity stake in the Hong Kong-owned company amounts to US$23.7 million. Total land area of the two pieces of land total around 129,687 square meters.
According to the filing, one of the pieces of land includes 12 villas and a three-story public building under construction on Capitol Hill, the former Heaven II Resort.
The other land is the project site for the Casha resort hotel, which is an under-construction hotel set to have more than 1,700 when completed.
IPI said the acquisition of American Sinopan LLC in line with the business development strategy and plans of the Group.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
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