Hong Kong-based Landing International’s owner Yang Zhihui has announced his intention to take Landing International Development private.
The company operates Landing Casino in Korea and Le Ambassadeurs Club in London. It is currently building Jeju Shinhwa World in South Korea in the south-western part of Jeju Island.
The takeover offer is required by the Hong Kong Takeover Code after Mr Yang bought a further 5.26 per cent stake in the company, taking its stake to 51.41 per cent.
Landing International said an Independent Board Committee had been formed to advise the independent shareholders as to whether the terms of the offer are fair and reasonable. Veda Capital Limited has also been appointed as independent financial adviser.
The company stated: “Mr. Yang is optimistic in the prospects of the Group. He considers the acquisition an opportunity to consolidate control in the company. Following completion of the offer, the Group will continue to operate its business in substantially its current state. However, Mr Yang reserves the right to make any changes that he deems necessary or appropriate to the Group’s businesses and operations to increase the value of the Group.”