BloomberryBloomberry Resorts Corporation has signed an agreement for the sale of its controlling stake in Jeju Sun Hotel & Casino in Jeju Island, South Korea to Iao Kun Group Holding Company Limited for about P4.75 billion. In a disclosure to the Philippine Stock Exchange, Bloomberry said subsidiaries of the two firms have signed an agreement on the sale by Solaire Korea Co. Ltd. of its 96.23 percent shareholding in Golden & Luxury Co. Ltd. (G&L) – the owner and operator of the Jeju casino. The agreement is subject to several conditions including the satisfactory results of a due diligence that Iao Kun will conduct on the shares to be sold, G&L, and its assets and business. It is also subject to the approval of CRD and other government authorities. The purchase price for the shares and the shareholder’s loan is KRW 117.5 billlion. An Initial Deposit of KRW 10 billion will be [...]
