Asia-Pacific Strategic Investments to establish casino, bank in Timor-Leste

The company signed two cooperation agreements with Timor-Leste on 8 February.

Asia-Pacific Strategic Investments signed two cooperation agreements with Timor-Leste to secure an exclusive casino license and to set up a bank in the country.

The agreements were signed on 8 February with Timor-Leste’s vice prime minister, coordinating minister for economic affairs, and minister of tourism and environment.

Under the casino cooperation agreement, Asia-Pacific Strategic Investments and its subsidiaries are required to build a 5-star hotel with a reputable, high-security, law-abiding casino and develop strategic plans to promote marketing for international customers for the hotel and casino. 

In addition, the company must propose strategic plans to promote tourism in other areas such as seaports, scenery, whale/dolphin/crocodile watching, yachting, and scuba diving.

Meanwhile, under the banking cooperation agreement, the company will establish a bank with Banco Nacional de Comercio de Timor-Leste, where it will hold a 60% stake.

To fund the proposed new businesses, Asia-Pacific Strategic Investments will issue $135.3m (US$100m) worth of convertible bonds, to be subscribed by the company’s controlling shareholding Oei Hong Leong.

The proposed new businesses are subject to the approval of shareholders of the company.