Landing revealed that it finalised the disposal of Les Ambassadeurs Club and Casino, located in London.
UK.- Hong-Kong listed Landing International revealed the completion of a major transaction in relation to the disposal of the Les Ambassadeurs Club and Casino, located in London, United Kingdom. The company had previously announced the selling on September.
“The Board is pleased to announce that all conditions precedent of the Disposal Agreement have been fulfilled and the Completion took place on 11 October 2017. Upon Completion, the Disposal Group ceased to be subsidiaries of the Company,” said Landing International in a filing this week.
The casino club was on sale for £240 million, which is a similar amount to what Landing International paid during the first months of 2016 with it was purchased for £137 million. Chairman and Executive Director of Landing International, Dr. Yang Zhihui, said after the announcement of the disposal on September: “The group estimates that it will record a gain before tax and consideration of other transaction costs of approximately £48 million from the disposal, representing a return on investment of approximately 30 to 35 percent expressed as the ratio of estimated gain over initial acquisition consideration.”
The company is focusing on Jeju Shinhwa World in South Korea, expected to be completed in three years with more than 2000 hotel rooms and 1500 apartments and the spotlight under the large casino.