Ziwo to acquire a 60% stake in Longrunn International Incheon; to diversify into property development

SINGAPORE (June 27): Ziwo Holdings says it will acquire a 60% stake in Longrunn International Incheon, for $2.7 million.

The sale price would be satisfied through the issue of 152 million new shares to the vendor Longrunn International Korea, representing about 28.9% of the enlarged issue share capital of Ziwo.

Longrunn Incheon has been appointed as project manager for a planned real estate development project to develop condominiums and hotels. The 700,000 sqm development site is located within the Incheon Free Economic Zone in Korea. 

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