Imperium Crown unit to build theme park with Sim Leisure

Singapore

IMPERIUM Crown on Sunday said its subsidiary, Fei County Wonder Stone Characteristic Town Development, has signed a non-binding memorandum of understanding (MOU) with Sim Leisure Group (SLG) to collaborate to build Escape Theme Park at its Wonder Stone Park in Shandong, China.

SLG is a theme park designer, developer and operator with experience in the Middle East, Asia, Africa and Europe.

Under the terms of the MOU, SLG will design and build the theme park at its costs and thereafter manage and operate the theme park for 40 years. The development of the theme park is estimated to be done over three phases, with the first phase to be completed in 16 months.

As part of the terms of the MOU, Fei County Wonder Stone will provide the land area and other basic infrastructure for the smooth operation of the theme park. In addition, Fei County Wonder Stone will help to procure the business licence for the operations of the theme park and other planning and government approvals.

The MOU is subject to the signing of an operating lease agreement between both sides to set out the terms of developing and operating the theme park. The exact terms of the operating lease agreement are still subject to further negotiations.

The MOU is not expected to have any material effect on Imperium's consolidated net tangible assets and earnings per share for the current financial year ending June 30, 2019.

Sun Bowen, Imperium's executive director, thinks the theme park could bring spillover effects to its Wonder Stone Hotel located within the namesake park.

Shares of Imperium last closed at S$0.036 on Friday.