Hong Kong-headquartered global real estate company Far East Consortium International Limited (FEC) has announced that it has received the green light from the Hong Kong Stock Exchange (HKSE) to proceed with the exciting spin-off of its gaming venture, called Palasino Holdings.

Upon the successful completion of the proposed listing and spin-off of Palasino Holdings, FEC will reportedly retain a substantial minimum stake of 50 per cent in the new entity, ensuring it remains a valuable division under the company’s corporate umbrella.

The process of the proposed spin-off is anticipated to take shape through a comprehensive global offering, encompassing both an International Public Offering and a Hong Kong Public Offering. The strategic move will pave the way for the new entity’s shares to enjoy an independent listing on the esteemed Main Board of the HKSE. It is worth noting here that the specific details of this independent listing are subject to compliance with the pertinent requirements outlined in Listing Rules Practice Note 15.

Mr. Chris Hoong, Managing Director (MD) of FEC, said that the choice to initiate the spin-off and subsequent listing of the Palasino as an independent, publicly-traded entity on the HKSE is a seamless continuation of the company’s strategic realignment efforts. The distinguished executive went on to state that establishing a separate listing for Palasino would yield substantial advantages for all stakeholders.

When asked for a comment, Hoong said, “Our decision to spin-off and list the Palasino Group as a separate publicly-listed entity on the Stock Exchange is a natural extension of the strategic realignment of our business. We believe that a separate listing of Palasino Group which engages in gaming and hotel businesses in Continental Europe, that will deliver benefits for all stakeholders.”

With Palasino remaining an integral part of FEC even after being spun off and subsequent listing, the decision, as per the company’s Board of Directors, is a strategically sound move poised to bring significant advantages to the entire organization and its valued stakeholders. Doing so will position FEC and the Palasino Group to augment their respective operations, collectively and individually. The strategic move will not only enable FEC to capitalize on potential growth opportunities but also offer unparalleled flexibility and an independent fundraising platform for the Palasino Group, making it easier for the company to secure funds from the capital markets to fuel its further growth.