Frontier Capital Group Shareholders Approve Casablanca Casino Acquisition
Frontier Capital Group Shareholders Approve Casablanca Casino Acquisition
Frontier Capital Group Ltd. shareholders approved on Thursday the proposed acquisition of Stotsenberg Leisure & Hotel Corporation, including Stotsenberg Hotel and Casablanca Casino, found in the Philippines’ Clark Freeport Zone. The deal is to be finished later on in January and also the Australia-listed team is to pay for the quantity 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’s going to spend the above-mentioned consideration in 154.05 million Frontier Capital shares that will be transferred to the seller in three tranches.
The company stated on Thursday that its shares have already been suspended such that it can replace the description of its activities following the purchase regarding the resort and casino complex. The stocks can be suspended up until the Australian Securities Exchange approves the re-compliance using its guidelines.
The Stotsenberg Hotel presently features 239 rooms and a range meals and drink options, destinations, and a meeting center with room for up to 2,000 individuals. As for Casablanca Casino, it is prompted by the popular hit movie and has now 36 video gaming tables, 190 slot machines, and two rooms for VIP gambling clients. The complex is located into the Clark Freeport Zone, perhaps not not even close to the Clark airport terminal.
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