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Crane rental firm MS Holdings' proposed pact to build South Korea casino, complex now off
CRANE rental firm MS Holdings on Monday said that it and LongRunn Int'l Land have mutually decided not to proceed with a transaction that would have seen MS Holdings issue new shares representing 25 per cent of its enlarged share capital in exchange for an 8 per cent stake in a US$80 million development project in Korea.
The two had entered a non-binding memorandum of understanding (MOU) on Sept 10 to "explore a strategic collaboration" in buying land and developing a casino and a residential, commercial and tourism complex in the Incheon Free Economic Zone of Korea.
The period of three months to execute a definitive agreement with the builder of integrated resorts in Asia has lapsed and no definitive agreement was signed, MS Holdings said in its announcement after market close on Monday.
Under the MOU, the companies had considered a change of name for MS Holdings to LongRunn Landmark Limited.
MS Holdings last closed at S$0.05 on Dec 6.