Landing International raising funds for Jeju Shinhwa World
Hong Kong based Landing International has raised more funds for their Korean integrated result by completing the issuing of 24billion new shares raising a total of $230m.
Landing have confirmed that the proceeds from the sale of the casino and the funds raised from the new share issue will all be used for the firm integrated resort located on the Korean island of Jeju.
However, an estimated $1bn is still required to be raised by the firm before the end of 2017 in order to meet construction deadlines for the 2.5m square metre Jeju Shinhwa World, although parts of the resort are already up and running.
The company’s filing to the Hong Kong Stock Exchange stated: “The Company intends to apply the net proceeds from the Placing for the development of Jeju Shinhwa World and other working capital of the Group”.
The issue of new shares is expected to raise an estimated $230m for the company which in turn has reduced the issued share capital of the company by 3.17%. In an announcement detailing the share issue the company stated: “The 24bn issued shares represent approximately 19.45% of the existing issued share capital of the company immediately before the completion of the share issue; and 16.28% of the issued share capital of the Company as enlarged by the allotment and issue of the shares”.
Landing International owner and Chairman, Dr. Zhihui, explained the company’s aim of shifting its focus towards the emerging South East Asian market, in particular the South Korean gambling market which the firm believes has the potential to grow in the future.
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