Hong Kong-listed Landing International Development Ltd, operator of South Korea’s Jeju Shinhwa World, has announced a planned change of company name to Shin Hwa World Limited.
In a filing, Landing said the new name – which will go to a shareholder vote at a Special General Meeting – better reflects the company’s main area of business.
“Jeju Shinhwa World has been the Group’s flagship integrated leisure and entertainment resort on Jeju Island, South Korea since its inception,” it said.
“As the Group will remain focused on its core business in Jeju Shinhwa World, the Board is of the opinion that the proposed new company name of ‘Shin Hwa World Limited’ will better reflect the current status of the Group’s business development and its direction of future development.
“Therefore the proposed change of Company name can provide the Company with more accurate corporate image and clearer identity. The Board is of the view that the Proposed Change of Company Name will benefit the Group’s future business development and is in the best interests of the Group and the shareholders as a whole.”
Located on Jeju island, Jeju Shinhwa World comprises four hotels and condos with more than 2,000 rooms combined, Landing Casino, multiple theme parks and expansive MICE facilities.
However, the resort has struggled throughout the COVID-19 pandemic, reporting losses of HK$2.12 billion in 2020 and HK$1.06 billion in 2021.
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