Paradise Co to start trading on KOSPI next week
The company’s stock will be transferred from KOSDAQ.
South Korea.- Paradise Co has announced in a document to the Korea Stock Exchange (KRX) that it has met the requirements for a new stock exchange evaluation. Its stock will move from KOSDAQ to KOSPI on June 24.
Paradise Co sent its request to be listed on the Korea Exchange’s Stock Market Division in April and received approval on June 14. The KOSPI is an index of all common shares on the main trade board of the Korea Stock Exchange. KOSDAQ began in 1996 as an independent stock market by the Korea Financial Investment Association.
Paradise Co reported casino revenue of KRW78.67bn (US$57.35m) for May. That’s a rise of 14.8 per cent year-on-year but a decline of 5.2 per cent when compared to the previous month. For the first five months of the year, casino revenue was KRW368.45bn (US$268.14m), up 43.4 per cent.
Paradise Co placed on antitrust watchlist
The Fair Trade Commission of South Korea has put Paradise Co on its list of companies subject to enhanced supervision. Under South Korean law, companies with assets over KRW5tn (US$3.68bn) must provide details about their business transactions and ownership structure.
The company operates three gaming venues directly: Walkerhill in Seoul, Paradise Jeju on Jeju island, and a property in the port city of Busan.
