Brief: Iao Kun Group Holding Co to buy Jeju Sun Hotel & Casino

Liniu Technology

23/06/2016 13:00

June 23 (Reuters) - Iao Kun Group Holding Co Ltd  IKGH.O  
    * Iao Kun Group Holding company limited to acquire the Jeju 
Sun Hotel & Casino In Jeju, Korea 
    * Deal for for KRW117.5 billion in cash 
    * Under terms of agreement, Iao Kun Jeju will acquire 96.23% 
of outstanding capital stock of Golden Luxury 
    * Intends to finance acquisition through loan and issuance 
of equity, and transaction expected to close in Q3 of 2016 
    * Expect current Jeju Sun Hotel management team will remain 
to continue to run newly renovated property 
    * Indirect unit entered into share purchase agreement with 
Golden & Luxury Co, Solaire Korea Co Ltd, Bloomberry Resorts 
Corp 
 
Source text for Eikon:  ID:nBw3vH2Qva  
Further company coverage:  IKGH.O