‘BSI offer of up to 49 pct. of shares is within terms of contract’

Gov. Eloy S. Inos confirmed yesterday that the CNMI did sign off on Imperial Pacific International Holdings’ filing last week with the Hong Kong Stock Exchange, which allows the parent company of Best Sunshine International Ltd. to offer as much as 49 percent of the company’s issued share capital to other investors.

The governor said as long as the developer of the $7.1-billion integrated resort project on Saipan maintains 51 percent of its equity, which is faithful to the terms of the exclusive casino license agreement, his administration will continue to support Best Sunshine.

“The 49 percent can be comprised of other investors. The 49 percent could comprise 5 percent here, 5 percent there. It’s a listed company. In fact, you can have thousands of other companies or individuals comprising the other 49 percent. It’s the way the [stock] exchange works. As long as they have 51 percent of the shares, we’re good. We’re concerned about the majority shareholder and that’s the one that’s important to us,” said Inos after signing a proclamation signing yesterday morning at the Governor’s Office conference room.

Best Sunshine has yet to respond to Saipan Tribune’s question regarding its filing with the Hong Kong Stock Exchange last Wednesday.

GRRAsia, an online newsletter about the casino industry in Asia, reported over the weekend that Imperial Pacific filed with the Hong Kong Stock Exchange last Nov. 19 that it has been allowed to bring in outside investors and offer up to 49 percent of the issued share capital of the company.

Inos also said that Best Sunshine has acquired or is in the process of acquiring DFS Saipan’s property near the Samoan Housing area in Garapan.

“I understand that they’ve acquired the property. Public land near the DFS property is another area they’re looking at. There’s a good piece of public land there as well. They’ve expressed interest in that property as well.”

The governor said Department of Public Lands Secretary Pete A. Tenorio is working closely with Best Sunshine in looking for available public land to build their mega resort project. One such property is the property south of Mariana Resort & Spa that was once leased by Sunshine 100 and subsequently made available to South Korean company E-Land.

“I think they were offered but DPL has withdrawn its offer to the property to E-Land for various reasons. I think they were also surprised when they were offered the property. We’re still puzzled by E-Land’s lack of progress on the Palms [Resort Saipan],” he said.

Inos also took the time to laud Best Sunshine for its beautification campaign that enlists paid volunteers to clean up the island’s tourist spots.

“I just wish other institutions and entities would do that kind of thing here. I also understand that that’s also part of their community outreach program, which is good. It’s kind of a one-time deal but what I would like to see is a program that makes it institutionalized this thing and maybe they can work with [Marianas Visitors Authority], can work with Parks and Rec[reation], and so forth.”

The governor also suggested the government could also contribute something to Best Sunshine’s beautification campaign.

“One way of doing it, too is help fund and underwrite the cost for the effort but I think what they want to do is go out there and hire the people that do the project themselves, which is fine.”

Best Sunshine’s $7.1-billion integrated casino resort on Saipan involves the construction of 4,200 hotel rooms and 300 villas, a 600-seat theater, 10,000-square-meter casino floor, 10,000-square-meter retail area, over 20 F&B outlets, and a theme park.