Nov 04, 2019 Newsdesk Latest News, Macau, Top of the deck  
Several offshore companies – including one connected to Hong Kong real estate developer ITC Properties Group Ltd – are involved in a deal to acquire a 50-percent stake in a firm holding investment in Macau’s The 13 Hotel (pictured), and to run that holding entity as a joint venture.
The deal is in return for a HKD750-million (US$95.7-million) consideration.
Subsequent to Friday night’s announcement, South Shore Holdings Ltd – parent of the firm Falloncroft Investments Ltd which made the disposal – saw its stock resume trading on the Hong Kong Stock Exchange. The shares had been suspended since October 15.
In an October 16 filing, South Shore had said Falloncroft might dispose of as much as 60 percent of its interest in The 13 Hotel. The venue’s initial promoters have aspired to have a casino on the premises.
Friday’s filing said that on October 14 and 15, Falloncroft had reached a deal to dispose of 50 percent of its issued share capital to an aggregate of three buyers. They were: Fine Intellect Ltd; Ease Link Investments Ltd; and All Fame Developments Ltd, all British Virgin Islands firms.
The first purchaser is a wholly-owned subsidiary of ITC Properties Group, a firm chaired by Hong Kong businessman Cheung Hon Kit. The second is wholly owned by Hong Kong-listed CST Group Ltd, a financial holding company with subsidiaries in e-logistics and mining. The ultimate beneficiary in the case of the third purchaser, All Fame Developments, is said to be Ma Ting Hung, described as an independent third party.
As part of the deal, Fine Intellect will also be granted an option – valid for two years – to purchase an additional stake of 30 percent in the disposal company, Uni-Dragon Ltd.
ITC Properties Group currently controls approximately 10.48 percent of South Shore.
Friday’s filing said that, pursuant to a shareholders’ agreement, South Shore and Falloncroft would be “required to provide certain financial assistance to the disposal company”, namely: a shareholder’s loan for HKD250 million to be contributed by Falloncroft; continued provision by South Shore of an existing guarantee in respect of the full amount of a bank loan – amounting to an outstanding principal of HKD2.94 billion as of August 31 – and a “commitment by Falloncroft to fund the loan service advance during the first three years after completion”.
Financial assistance from South Shore and Falloncroft on the last two items would be on a “non pro rata basis” said Friday’s announcement.
The 13 Hotel is on the border between Coloane and the casino district of Cotai in Macau. The venue, offering 200 duplex suites and a number of restaurants, had a partial opening on August 31, 2018.
Nov 27, 2019
Oct 17, 2019
Dec 06, 2019
Dec 06, 2019
Dec 06, 2019
The Taipa to Cotai section of Macau’s Light Rapid Transit (LRT) system (pictured in a file photo) is to be officially launched for passengers on Tuesday (December 10). Rides on the route will be...Nov 06, 2019
A senior official of Japan’s Nagasaki prefecture has...Jul 15, 2019
Hong Kong-listed casino operator and developer NagaCorp Ltd...Jul 12, 2019
Asia-based casino logistics provider TKHS Group has plans...Jul 04, 2019
Japan’s Nagasaki prefecture and Sasebo city aspire to...Jun 12, 2019
Hong Kong-listed casino services firm Macau Legend...
(Click here for more)
”We received … positive feedback from partners, visitors and exhibitors, encouraging our consideration for the next edition”
Josephine Lee
Chief operating officer of Reed Exhibitions Greater China, organiser of the G2E Asia @ the Philippines