KUALA LUMPUR: Landmarks Bhd, which is exploring a gaming venture on Indonesia’s Bintan Island, has proposed to assume full control of the development company Bintan Treasury Bay Pte Ltd (BTB) by acquiring the remaining 26% of the latter, which will result in it becoming a wholly-owned subsidiary. A Landmarks official had earlier told The Edge Financial Daily that the company would study the possibility of running a gaming operations in Bintan after BTB had obtained the greenlight from the Indonesian authorities to run such an operation within the proposed integrated resort in the Treasure Bay enclave. In a statement yesterday, Landmarks said its wholly-owned subsidiary Primary Gateway Sdn Bhd had entered into a conditional sale and purchase agreement with Castle Knight Investments Ltd and Complete Win Group Ltd to acquire the remaining 26% it did not already own in BTB for S$156.88 million (RM360.83 million) cash. Read more
(6-2-2008 The Edge)
