Landing International Development Limited (SEHK:582) entered into a conditional sale and purchase agreement to acquire remaining 50% stake in Landing Jeju Development Co., Ltd. from Genting Singapore PLC (SGX:G13) for approximately $410 million on November 11, 2016. The consideration will be paid in two tranches, with $220 million payable on completion and the balance payable within six months thereafter. In a related transaction, Landing Singapore Limited entered into a conditional sale and purchase agreement to acquire 50% stake in Autumnglow Pte. Ltd. from Genting International Resorts Management Limited. The consideration will be satisfied by debt financing. Landing International Development will be charged a break fee of $10 million as a result of termination. For the year ended December 31, 2015, Landing Jeju Development had net assets of HKD 494.48 million and loss after tax of HKD 24.99 million. Completion of the transaction is conditional upon Landing International Development having obtained their shareholders' approval. The total cash consideration for the Disposals is approximately $411.1 million. The transaction is expected to complete in the first quarter of 2017. The disposals are also value accretive in the short term for the shareholders of Genting Singapore PLC. As of December 13, 2016, Landing International Development has secured loan facility of $500 million from Landing International Limited to fund the transaction.

Landing International Development Limited (SEHK:582) completed the remaining 50% stake in Landing Jeju Development Co., Ltd. from Genting Singapore PLC (SGX:G13) for approximately $410 million on January 3, 2017.