Hong Kong Stock Exchange-listed Far East Consortium (FEC) has announced the proposed date for the spin-off of its Czech Republic casino subsidiary: March 11th.
The FEC had announced the proposed spin-off of Palasino Holdings in September of last year, noting that the move would let it ‘increase its operational and financial transparency’.
Palasino, incorporated in the Cayman Islands, focuses on ‘entertainment, gaming and leisure’, operating an integrated resort in the Czech Republic, three hotels in Germany and one hotel in Austria.
While the proposed date for the global offering of Palasino, to be listed on the Hong Kong Stock Exchange, was announced the company notes the registration and prospectus issuance have yet to be finalized, and that the decision is conditional upon approval by the company’s board and the board of Palasino.
As part of the offering, FEC stakeholders will qualify for an assured entitlement of 10 percent of Palasino shares.
Due to the offering, no share transfers will be registered on March 11th.
Far East Consortium estate giant and gaming operator, partnered with Australia’s The Star in the ongoing Queen’s Wharf Brisbane project.
