Frontier Capital Group Shareholders Approve Casablanca Casino Acquisition
Frontier Capital Group Ltd. shareholders authorized on Thursday the proposed acquisition of Stotsenberg Leisure & Hotel Corporation, including Stotsenberg resort and Casablanca Casino, located in the Philippines’ Clark Freeport Zone. The offer is to be completed later on in January plus the Australia-listed team is to cover the quantity of $26 million for the resort and casino complex.
Frontier Capital announced its decision to buy Stotsenberg Leisure & Hotel Corporation back 2015 november. It’s going to spend the consideration that is above-mentioned 154.05 million Frontier Capital stocks which is utilized in the seller in three tranches.
The company said 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 can be suspended up until the Australian Securities Exchange approves the re-compliance with its rules.
The Stotsenberg resort presently features 239 rooms as well as a wide range of meals and drink choices, tourist attractions, and a convention center with room for up to 2,000 individuals. As for Casablanca Casino, its influenced by the hit that is popular and contains 36 gaming tables, 190 slot machines, and two spaces for VIP gambling clients. The complex is located into the Clark Freeport Zone, perhaps not definately not the Clark International Airport.
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