Landing ended discussions with Philippine vendor
The Hong Kong company Landing International announced that talks with a possible Philippine vendor were terminated.
Philippines.- Landing International Development Limited revealed that it will stop pursuing the possible acquisition of a gaming company in the Philippines. The news were announced in a filling on Saturday.
As reported by AGBrief, the announcement that was initially made on May 4 established that the company had entered into a non-legally binding term sheet with a potential vendor for the acquisition of a target company that engaged in gaming business in the Philippines, even if it didin’t specify which one. However, the company consulted with a legal team about foreign investments in gaming in the Asian country and decided to review the decision.
During the filing the company stated that has accordingly terminated all relevant discussions with the potential vendor. Back in March, the company scheduled a meeting with its shareholders to get the approval for the acquisition of Les Ambassadeurs Club and Casino in the United Kingdom. According to information provided by Landing International in December, the firm had a deal worth US$192.7 million to acquire all the shares in the company which controls Les Ambassadeurs. The facility is a high end gambling operation located in a Victorian townhouse, which currently operates 45 gaming tables and offers a variety of games, including roulette, baccarat, blackjack and three-card poker.
