SINGAPORE (Sept 10): MS Holdings, the mobile crane rental company, is planning to jointly develop a casino, residential, commercial and tourism complex in Korea.

On Monday, MS Holdings entered into a non-binding MoU with LongRunn International Land to explore a strategic cooperation between LongRunn and the company in the acquisition and development of a land parcel lot in Incheon Free Economic Zone of Korea.

Under the MoU, MS Holdings will issue new shares representing 25% of its enlarged share capital, in exchange for an 8% stake in the proposed project based on the group’s net asset value per share and the proposed project’s valuation of 23 cents and US$80 million ($110.3 million) respectively. MS Holdings will also change its name to LongRunn Landmark.

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