Oshidori International Holdings Ltd, one of three companies currently pursuing development of an integrated resort in Nagasaki, Japan, says it has reached an agreement to sell most of its stake in financial services firm Satinu Resources Group Limited for HK$650 million.
According to a filing with the Hong Kong Stock Exchange overnight, the proceeds will be used to “provide additional resources at times of adverse business conditions as well as to develop its financial service segment.” Oshodiri noted that it “intends to explore potential investment opportunities in fintech, lifestyle, real estate and integrated resort projects.”
The agreement will see Oshidori sell an 8.06% stake in Satuni for HK$650 million, representing an estimated gain on disposal of HK$233 million and leaving it with a remaining 3.62% stake.
Oshidori has upped the ante in its pursuit of a Japan IR bid in recent months, most notably via the appointment of former MGM Resorts CEO and hugely experienced Las Vegas casino executive Alex Yemenidjian to lead its IR plan.
The company stated recently that it “is working vigorously to bring the best possible IR experience to Nagasaki. Under the leadership of the new CEO, Oshidori will present a bid far more exciting than any other project.”
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