Casino Owner Landing International's Stock Plunges as Chief Faces Arrest in Cambodia
Chen Juan
DATE:  Aug 24 2018
/ SOURCE:  Yicai
Casino Owner Landing International's Stock Plunges as Chief Faces Arrest in Cambodia Casino Owner Landing International's Stock Plunges as Chief Faces Arrest in Cambodia

(Yicai Global) Aug. 24 -- Share price of Hong Kong's Landing International Development, which mainly operates resorts, theme parks and casinos in the South Korean Island of Jeju, has plummeted due to news which implies that the firm has lost contact with its Chairman Yang Zhihui.

Yang was taken away by law enforcement officers in Phnom Penh, Cambodia, Hong Kong-based online news outlet WinMoney reported yesterday, without adding the reason. The 47-year-old ex-billionaire founded the company and owns 50.48 percent of the firm's equity. Landing International has continued its on-site business operations as normal.

Landing International's [HKG:0582] share price dropped 16.22 percent today to close at HKD3.15 (USD0.40), despite the fact that it had applied for a trading suspension early yesterday. The stock has lost 62 percent of its value since an uptick of HKD8.34 on July 26.

Landing International's business operation and financial conditions are normal, which will not be adversely affected by Yang Zhihui's absence as the board of directors anticipates that the company has a senior management team to operate and manage its daily business activities, the company said in the proclamation released yesterday. The board of directors will do further evaluation on this issue's impact on the company.

Editor: Emmi Laine

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Keywords:   Landing International Development,Casino,Resort,Real Estate Developer,Cambodia,Phnom Penh,Arrest