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, found in the Philippines’ Clark Freeport Zone. The offer is to be completed later on in January as well as the Australia-listed group is to cover the total amount of $26 million for the hotel and casino complex.
Frontier Capital announced its decision to get Stotsenberg Leisure & Hotel Corporation back in November 2015. It will spend the above-mentioned consideration in 154.05 million Frontier Capital shares which will be utilized in owner 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 should be suspended up to the Australian Securities Exchange approves the re-compliance along with its guidelines.
The Stotsenberg resort presently features 239 rooms and a true quantity of meals and beverage choices, destinations, and a convention center with room for approximately 2,000 people. In terms of Casablanca Casino, its inspired by the popular hit film and has 36 video gaming tables, 190 slots, and two spaces for VIP gambling customers. The complex is located into the Clark Freeport Zone, perhaps not far from the Clark International Airport.
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