GGRAsia – Jimei Intl’s HKD50-mln deferred bond backer drops out

Jimei Intl’s HKD50-mln deferred bond backer drops out

Dec 22, 2015 Newsdesk Latest News, Rest of Asia, Top of the deck, World

Casino junket investor Jimei International Entertainment Group Ltd said that the issue of convertible bonds worth HKD315 million (US$40.6 million) gross, completed on December 2, would not be supplemented by funds from a subscriber to a deferred bond as originally planned.

The firm stated: “As the subscriber of the deferred bond has failed to perform certain of his completion obligations pursuant to the subscription agreement, the issue of the deferred bond in the aggregate principal amount of HKD50 million was lapsed on December 18, 2015.”

Jimei International added in its Monday filing to the Hong Kong Stock Exchange: “The lapse of the issue of the deferred bond will not materially affect the future development of the group.”

The firm reiterated some details of its December 2 announcement: that the HKD314.7 million net proceeds realised from its convertible bond exercise would be used for general working capital of the group and as funds for future development of the existing business, “including development of entertainment and gaming business in Australia and Cambodia”.

Jimei International – controlled by Jack Lam Yin Lok, one of Macau’s most experienced casino junket executives – announced in February a junket arrangement with Crown Perth, a casino property in Western Australia operated by Crown Resorts Ltd. Under the junket arrangement, Jimei International said in an earlier filing it “has assisted to promote approximately eight to 10 gaming tables at the Crown Perth Casino”.

In May, Jimei International signed a similar deal with NagaCorp Ltd relating to seven VIP tables at the latter’s NagaWorld casino resort in Cambodia.