Paradise Co., Ltd. Shares Transfer on KOSPI Market

Paradise Inc., South Korea’s foreign-only casino operator, confirmed to GGRAsia on Wednesday that its board of directors voted to delist the listing from the country’s KOSDAQ stock index because the group wants to move the listing to the KOSPI instead.

The latter is described by the Korea Exchange as the “leading index” of the bourse. The KOSDAQ instead supports “smooth financing of ventures and small businesses,” according to business service provider PwC.

A Paradise Co. spokesperson told GGRAsia, “We have established a peer group division with existing securities-listed companies such as Grand Korea Leisure Co., Kangwon Land Co., Ltd. and Lotte Tour Development Co., Ltd. and are pursuing a stock market transfer listing to induce the company to be reevaluated.”

“It is aimed at maximizing shareholder value by expanding the base of investors, including institutional and foreign investors,” he added

Shares of Paradise traded up 5.04% to 13,550 won on the KOSDAQ on Thursday.

Paradise Co said in a filing with the Korea Exchange on Wednesday that the plan still needs to be ratified at its regular shareholders’ meeting scheduled for March 22 and “approved by relevant agencies.”

The other listed companies mentioned are the Paradise Co.’s competitors in the Korean casino sector. Kangwon Land is the only casino company in the country that has allowed services to domestic players, but it recently said it will also market to foreign players.

Paradise Co., Ltd. directly operates three lodging facilities: Walkerhill, Seoul, Paradise, Jeju, and Busan, a port city.

It also has a venture with Japan’s Sega Sammy Holdings Inc. for the Paradise City Casino Resort in Incheon, near Korea’s main airport.

Paradise Inc. reported last month that its pre-interest, taxation, depreciation and amortization (EBITDA) rose 23.0% year-on-year to 228.77 billion won and its net profit rose 164.3% year-on-year to 66.36 billion won.

BY: 실시간 바카라사이트

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