The company says the new name would offer a more accurate corporate image and a clearer identity.
South Korea.- Landing International Development plans to change its name to Shin Hwa World Limited. It believes the new name would better reflect the group’s business and future development.
The board said the proposed name is in the best interests of the group and shareholders and will benefit the group’s future business development with a more accurate corporate image and clearer identity. The proposed name is subject to the passing of a special resolution by shareholders at a special general meeting and the approval of the registrar of companies in Bermuda.
The company said: “Jeju Shinhwa World has been the group’s flagship integrated leisure and entertainment resort on Jeju Island, South Korea since its inception.
“As the group will remain focused on its core business in Jeju Shinhwa World, the board is of the opinion that the proposed new company name of Shin Hwa World Limited will better reflect the current status of the Group’s business development and its direction of future development.”
Further announcements will be made by the company to inform the shareholders of the results of the special general meeting, the effective date of the proposed change, details of the new stock short names for trading on The Stock Exchange of Hong Kong Limited, the new logo and new website address.
In September, Landing International Development reported consolidated revenue of nearly HK$691m for the second half of the year, up 45.1 per cent year-on-year. Landing Casino recorded net revenue of approximately HK$32m. The segment loss from the gaming business was approximately HK$49m. Landing’s non-gaming revenue was HK$658m.
The increase in consolidated revenue was primarily due to increased domestic consumption in Jeju Shinhwa World through a series of marketing activities, resulting in higher revenue in the integrated resort segment, as well as increased residential real estate sales activities.