Hong Kong real estate developer Far East Consortium International Ltd said this week it has received approval from the Hong Kong Stock Exchange to proceed with a spin-off of its Czech gaming business, Palasino Holdings.
In a filing, Far East – which also holds a stake in Australian casino operator Star Entertainment Group – said the spin-off will likely be implemented by way of a global offering, comprising a Hong Kong Public Offering and an International Offering which would result in a separate listing of the Palasino Shares on the Main Board of the Hong Kong Stock Exchange.
Far East would retain at least a 50% stake in Palasino, which would remain a subsidiary of the company.
