Landing International Development Limited has completed the placement of 24 billion shares as it looks to raise HK$1.8 billion for completion of its Jeju Shinhwa World tourist resort in Jeju, Korea.
In a filing to the Hong Kong Stock Exchange, Landing International said it has successfully placed the shares with six placees at a price of HK$0.075 per placing share, representing approximately 19.45% of the existing issued share capital of the company.
“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,” it said.
Landing International said last week that it had achieved “certain major developments and revised its construction and business plans in relation to its investment in Jeju Shinhwa World,” including signing agreements with Four Seasons Hotels and Resorts Asia Pacific Pte Ltd to launch a luxury Four Seasons resort within Jeju Shinhwa World. It has also signed a theme park development agreement with Lions Gate Entertainment Inc for the development of a theme park built around world-famous movies named “Lionsgate Movie World.”
The company also stated its intention to accelerate the construction and bring forward the completion of the waterpark, theme park hotel and dormitory and training facilities to 2018, and to build a new lobby and guest facilities within Somerset Jeju Shinhwa World to cater for guests’ expectations and operation needs.
Among Landing International’s key initiatives is the relocation of Landing Casino from the Hyatt Regency Jeju Hotel to Jeju Shinhwa World. Full completion of Jeju Shinhwa World is scheduled for 2019.
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