Australia-listed Frontier Capital Group is proceeding with the acquisition of Hotel Stotsenberg and Casablanca Casino in the Clark Freeport Zone in the Philippines.
The firm announced in a filing to the Australian Securities Exchange that it had decided to buy Stotsenberg Leisure and Hotel Corp, the holding firm for the Clark casino. The consideration is US$26m - in the form of 154.05 million Frontier Capital shares - to be transferred in three tranches.
The deal is still subject to the approval of Frontier Capital’s shareholders, said the filing, adding that the target date for its completion is January 2016.
The Stotsenberg Hotel and Casablanca Casino has 239 hotel rooms, 190 slot machines, 36 gaming tables and two VIP rooms, Frontier Capital stated in the filing. The property is located fewer than two kilometres from Clark International Airport.
