Genting increases stake in Landing Jeju Development Co.

Genting Singapore has announced it has increased its stake in Landing Jeju Development Co. with an additional 15 million new ordinary shares.

Through the company’s indirect-wholly-owned subsidiary Happy Bay Pte. Ltd., the new shares brings the total subscription amount to KRW 150 billion (US$129.5 million), said Genting in a filing to the Singapore Stock Exchange on Monday.

“The additional equity is not expected to have any material impact on consolidated net tangible assets and earnings per share of the company for the financial year ending 31 December 2016,” said the company.

Landing Jeju Development Co. is currently engaged with the development of Resorts World Jeju, a US$1.8 billion development built in south-west Jeju. The development is a 50-50 joint venture between Genting Singapore and Landing International.