BY UNICAPITAL SECURITIES
Bloomberry Resorts Corporation (BLOOM) has signed a real estate sales agreement for the purchase of Silmi Island in the Republic of Korea.
The island has an area of 20.96 hectares and is adjacent to the 12.2 hectares property in Muui Island. Silmi Island is within the coverage of the Incheon Free Economic Zone and is intended to be developed into a leisure and tourism complex.
The property will be acquired by Solaire Korea Co. Ltd., a subsidiary of Bloomberry.
The subsidiary also signed an agreement with a group of shareholders of Golden & Luxury Co. Ltd. (G&L) for the acquisition by Solaire Korea Co. Ltd. of up to 92% of its shareholdings.
G&L owns and operates T.H.E. Hotel & Vegas Casino in Jeju Island, South Korea.
The agreement is subject to performance of several conditions.