Sonny Yeung Hoi Sing, chairman and executive director of Macau casino investor Success Universe Group Ltd, has increased his stake in the company to 71.52 percent, from a previous 52.10 percent, according to a Wednesday filing to the Hong Kong Stock Exchange.
Success Universe is a joint venture partner – with a unit of Macau casino operator SJM Holdings Ltd – in Macau casino hotel Ponte 16 (pictured), located in the city’s Inner Harbour district.
Mr Yeung, via his wholly-owned company Silver Rich Macau Development Ltd, now controls slightly more than 3.52 billion shares in Success Universe, said the latter firm.
Silver Rich acquired 956,633,525 shares in Success Universe from Japanese pachinko hall operator Maruhan Corp, for a total cash consideration of approximately HKD210.5 million (US$26.8 million), equivalent to HKD0.22 per share. Maruhan no longer holds any shares in Success Universe, according to Wednesday’s filing.
Success Universe said in March that its annual loss narrowed slightly in 2017. The Hong Kong-listed firm said its annual loss for 2017 amounted to approximately HKD29.8 million, compared to approximately HKD31.0 million in 2016.
The figure was affected by a HKD37.9-million loss recognised on the disposal in September of a business related to China’s official lottery system, added the firm.
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Analyst at Roth Capital Partners