ICL gets EGM nod for purchase of stake in holder of China park rights

Singapore

REAL estate firm Imperium Crown Ltd (ICL) has received the green light at an extraordinary general meeting on Friday to acquire a 60 per cent stake in Global Entertainment Media (GEM) as it banks on China's growing tourism industry.

GEM, via subsidiary Linyi Yin Sheng, owns 80 per cent of Fei County Wonder Stone, while the remaining 20 per cent is held by a state-owned enterprise. Fei County Wonder Stone, in turn, holds the operating rights to the Wonder Stone Park - a tourist attraction known for its naturally occurring limestone rocks and boulders - for a 50 year period ending 2067.