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Hong Kong's Far East Consortium targets Nevada-based hospitality, gaming company

Far East Consortium International Ltd.'s FEC Overseas Investment (UK) Ltd. subsidiary entered into an up to US$42.0 million agreement to buy and subsequently merge Trans World Corp. with its FEC Investment (US) Ltd. unit.

The proposed merger will add five hotels and three full-service casinos to the portfolio managed by Far East Consortium and its subsidiaries. According to a filing, the deal would also enable the group to establish a gaming platform and expand its presence in Europe.

Trans World, a Nevada-based hospitality and gaming business that operates in Germany, Austria and the Czech Republic, will be the surviving entity after the merger. As part of the process, all of FEC Investment's issued and outstanding shares will be converted into one fully paid and nonassessable share of Trans World at a conversion price of 0.1 cents per share.

Completion of the Far East Consortium-guaranteed merger is subject to, among other conditions, the approval of a majority of Trans World's shareholders and the procurement of all necessary gaming licenses.