Frontier Capital Group Shareholders Approve Casablanca Casino Acquisition
Frontier Capital Group Ltd. shareholders approved on Thursday the acquisition that is proposed of Leisure & Hotel Corporation, including Stotsenberg resort and Casablanca Casino, found in the Philippines‘ Clark Freeport Zone. The deal is to be finished later on in January while the group that is australia-listed to pay for the quantity of $26 million for the resort and casino complex.
Frontier Capital announced its choice to purchase Stotsenberg Leisure & Hotel Corporation back in November 2015. It’ll spend the above-mentioned consideration in 154.05 million Frontier Capital stocks which will be utilized in the seller in three tranches.
The company stated on that its shares have been suspended so that it can change the description of its activities after the acquisition of the hotel and casino complex thursday. The shares are to be suspended up until the Australian Securities Exchange approves the re-compliance featuring its guidelines.
The Stotsenberg Hotel presently features 239 rooms as well as a true range food and drink choices, destinations, and a convention center with space for approximately 2,000 people. As for Casablanca Casino, it is encouraged by the popular hit movie and has now 36 gaming tables, 190 slots, and two spaces for VIP gambling clients. The complex is located in the Clark Freeport Zone, maybe not not even close to the Clark International Airport.
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