Far East Consortium International Ltd. (FEC), a flagship global real estate developer based in Hong Kong, revealed that it has got validation from the Hong Kong Stock Exchange to continue with the spin-off of Palasino Holdings, its gaming operation in Czechia. As soon as the suggested listing and spin-off is finished, it is envisaged that FEC will have a minimum of 50% stake in the aforementioned Palasino, with it remaining its division.
Implementation through global offering:
The spin-off is projected to be applied through a global offering, including an International Offering and a Hong Kong Public Offering, which would lead to an independent listing of Palasino shares on the Main Board of the aforementioned Stock Exchange. Also, the suggested independent listing amount to spin-off, which is susceptible to applicable requirements in Listing Rules Practice Note 15.
Commenting on its decision to spin-off Palasino Holdings, Managing Director of FEC, Mr. Chris HOONG, commented according to Inside Asian Gaming: “Our decision to spin-off and list the Palasino Group as a separate publicly-listed entity on the Stock Exchange is a natural extension of the strategic realignment of our business. We believe that a separate listing of Palasino Group which engages in gaming and hotel businesses in Continental Europe, that will deliver benefits for all stakeholders.”
According to FEC’s Board of Directors the suggested spin-off represents a commercially viable step and will benefit the aforementioned company and its stakeholders as it will put them, together with the Palasino Group, in a position to increase their individual operations. Furthermore, it offers flexibility and the independent fundraising platform for Palasino Group to collect future financing from the capital markets to back up its development.
As Palasino will stay part of FEC as soon as the spin-off and listing are finished as mentioned above, FEC will proceed to reap benefits from any possible development of Palasino via strengthening the financial results generated by the Palasino Group. Another advantage is the value on its own merits of the Palasino Group, as it will be more shown, and it will also enhance its financial and operational transparency via which investors will have the opportunity to access the potential and performance of Palace Casino respectively and separately from the Remaining Group. In addition, it will enable Palasino Group and Remaining Group officials to concentrate more deeply on their separate operations, which will further improve effectiveness in their reactions to market changes and individual decision-making processes, according to an official press release.
However, the exact time of the spin-off has not yet been decided.
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