Quinco jumps by 30% – the company’s land for sale is estimated at 135 million dollars

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Quinco company stock


Quinco
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of Yariv Lerner Vigal Zilka (68.9% joint holding) jumps today by 30% with a high turnover for her of 53 thousand NIS, compared to an average annual turnover of 13 thousand NIS and 3.5 thousand in the last three months. The reason for the sudden jump is a valuation of the 8.5 hectare (about 85 dunams) land near the sea heat in Sihanoukville, Cambodia, which the company wants to sell. While the land is listed in the company’s books at a value of $10.6 million, the external appraiser gives the land a value of $134.7 million. That is, assuming that the company succeeds in selling the land, it is expected to register a significant one-time profit.

However, the company qualifies that the appraiser’s valuation was performed based on “requested prices and point evidence from transactions” and this is because of the lack of transparency and limited information in the country regarding the transactions.

The land was purchased in 2008 for $10.5 million (similar to its current book value) and as mentioned – the company plans to sell it, but notes that there is no concrete offer on the table.

Quinco operates a hotel and casino on the island of Rhodes in Greece (in which it owns 93.4% of the shares), as well as a hotel and casino in Sihanoukville, Cambodia, through its subsidiary QLI Quinco Leisure International. Rhodes Casino has 31 gaming tables and 298 gambling machines. In the hotel she owns 33 suites, 2 restaurants, a bar and a pool. The casino in Sihanoukville has 20 gaming tables and 162 gambling machines.

Of course – you have to remember that the casino’s profit is the loss of the gambling public. The chances in the casino are of the ‘house’ – so the public’s chances are of course to lose. The stock is now trading at a price of NIS 3.8 and a market value of NIS 114 million (after today’s jump).

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The company’s results since the beginning of the year – an increase in revenue but still losses
In the reports for the first half of 2022, Quinco reported revenues of 29.6 million shekels, an increase compared to 20.5 million in the first half of 2021. The increase was explained by the lifting of the Corona restrictions and the return to activity. However, the company fails to post profits. In the first half of the year, it lost NIS 1.75 million, an improvement compared to a loss of NIS 7.6 million in the corresponding period last year.

Quinco also owns Bosanta (together with the Club Hotel group). Vesanta indirectly owns about 480 dunams (48 hectares) of land in the Sihanoukville area of ​​Cambodia, at a book value of $13.6 million, but the local government has announced the expropriation of a third of the land to build public roads and public parks near the beach. Vasanta is working with the regional governor and other government officials in order to reach an agreement regarding the common land and the expropriated area. According to the company, in June 2014, QLI entered into an agreement with the Club Hotel group, the main purpose of which is the sale of all the joint assets by the parties and the distribution of the proceeds of the sale, but due to legal proceedings underway in Cambodia against third parties claiming rights to the joint land and the settlement procedure with officials in Cambodia regarding the expropriation of areas from the joint land, Quinco estimates that it will be difficult to realize the land according to the settlement agreement.

In July 2020, Quinco completed the sale of shares in AS Loutraki Hotel Club, which were included in Vasanta’s properties in the hotel and casino in Loutraki, Greece, as well as in the casino in Belgrade, Serbia, for €2.5 million.

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