Lasseters Corporation Ltd announced that it has acquired the Cambodian company Gereta Investment Co. Ltd, allowing the company access to online and land-based casino and gambling.
Lasseters is to acquire all of the issued shares in Gereta from Li Jingru, the sole shareholder of the company, for $ 2.1 million.
“[T]he Company proposes to acquire all of the issued shares in Gereta from the Vendor in consideration for cash and the issue of the Shares the subject of LAS shareholder approval at a soon to be announced shareholder meeting.”
Lasseters said it has decided to purchase Gareta due to the latter’s approval in principle by the Cambodian government for a licence to operate an online gambling and gaming business as well as a land based casino.
“The Company believes that expertise of it and its JV partners in the online gambling area, combined with the low costs of operating in Cambodia and proximity to the fast growing lucrative markets of Asia will give it significant competitive advantages over other operators.”