Under the casino cooperation agreement, Asia-Pacific Strategic Investments and its consortium will build a five-star hotel which includes a “respectable, high security, law abiding” casino. The company will also market the hotel and casino to international customers and promote tourism in other disciplines including seaports, yachting and scuba diving.
Catalist-listed Asia-Pacific Strategic Investments (SGX:5RA
) has signed two cooperation agreements with Timor-Leste’s vice prime minister, coordinating minister for economic affairs, minister of tourism and environment to acquire an exclusive casino licence and set up a bank in Timor-Leste. The agreements were signed on Feb 8.
According to the company, the proposed diversification into new businesses represents a potential entry into the financial and gaming sectors. The move is subject to shareholders’ approval at an extraordinary general meeting (EGM). Asia-Pacific Strategic Investments is currently in investments, real estate development and the provision of hotel management and hospitality services.
