Landing International Ltd., owned by Yang Zhihui on Wednesday acquired an additional 5.26 percent stake in Landing International Development, increasing its stake to 51.41 percent.
Under Hong Kong’s Takeover Code, Landing International is required to make a mandatory unconditional cash offer for all issued shares not already owned.
Thus, Landing International on Thursday announced it had made a cash offer of HK$0.075 for each offer share. Assuming that the offer is accepted in full by shareholders, the entire issued share offer is valued at approximately HK$4.5 billion, said the company on Thursday.
The offerer said it intends to finance the consideration with a loan facility granted by Kingston Securities and its own financial resources.
Landing International is an investment holding company wholly and ultimately owned by Mr. Yang. The group is principally engaged in the development and operation of integrated leisure and entertainment resorts, namely Jeju Shinhwa World in South Korea, gaming and entertainment facilities; and property development.
Landing says it considers the acquisition an opportunity for it to increase its stake and consolidate control in the company, but doesn’t intend to rock the boat.
“Following completion of the Offer, the Offeror intends that the Group will continue to operate its business in substantially its current state.”