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Amax loss widens in 1H fiscal 2014

Dec 01, 2014 Industry Talk, Latest News  

Amax loss widens in 1H fiscal 2014

Casino investor Amax International Holdings Ltd saw its loss attributable to shareholders widen by 12.7 percent year-on-year in the first half fiscal 2014, to HKD17.77 million (US$2.3 million), compared to HKD15.77 million a year earlier.

The firm released on Friday to the Hong Kong Stock Exchange the unaudited interim numbers for the period ending September 30.

It added that the results of an associate – Greek Mythology (Macau) Entertainment Group Corp Ltd – were not available.

On October 14, Amax International said it had agreed to acquire a 60 percent equity interest in a firm with access to an interactive gaming licence issued by the Pacific island republic of Vanuatu. Amax International said it wants to run a proxy betting operation in Vanuatu and also to bring in high rollers to the island.

The first tranche of 22,200,000 new ordinary shares were issued to the vendor upon the completion of the sale of the equity stake in Forenzia Enterprises Ltd. The second tranche of 14,800,000 new ordinary shares will be issued within six months of business operations starting in Vanuatu, Amax International said on Friday.

On November 25, 2014, Amax International also entered into a placing and subscription agreement with a subscriber for 9,900,000 existing placing shares at a price of HKD0.93 per share. The aggregate gross and net proceeds are approximately HKD9.21 million and HKD9.06 million respectively, to be used for general working capital and investment of the company.

The placing shares represent approximately 3.86 percent of the issued share capital of the company as of November 25 and approximately 3.71 percent of the issued share capital as enlarged.

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