GUALO RAI Saipan – It’s final. Laolao Bay Golf Resort is now owned by Daewoo Engineering & Construction Co. Ltd.  

In its Oct. 25  board meeting the Commonwealth Development Authority approved the transfer of all outstanding shares of stock of Saipan Laulau Development Inc. dba Saipan Laolao Bay Golf Resort from Kumho Holdings Co. Ltd. to Daewoo Engineering & Construction Co. Ltd.  

Carline B. Sablan economic development analyst at CDA confirmed the transfer of Laolao Bay Golf Resort’s outstanding shares of stocks.   “The change in the identity of the shareholders in no way changes the qualifying certificate no. QC 2008-01 issued to Saipan Laulau Development Inc." Sablan said.