Donaco outlines mobile operations spinoff plans

    Donaco International said it has agreed to sell shares in its iSentric unit to OMI Holdings in return for $12 million worth of OMI shares in a spinoff of its mobile technology business. Donaco will have a holding of about 89.9 percent in the combined company following the transaction. It will then distribute those shares to shareholders on a pro-rata basis. The business will begin trading as a separate company on the Australian Stock Exchange in July. Donaco is spinning off its mobile business to become a pure leisure and hospitality play. The company is scheduled to open a luxury integrated resort in Vietnam on May 18th and is seeking further casino opportunities around Asia.