• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

CY Foundation shareholders approve Weike deal

Aug 11, 2014 Newsdesk Latest News, Macau, Top of the deck  


CY Foundation shareholders approve Weike deal

Shareholders of Hong Kong-listed conglomerate CY Foundation Ltd have approved the deal to buy a maximum of approximately HKD201.13 million (US$26 million) worth of goods and services from Singapore gaming equipment maker Weike (S) Pte Ltd.

The shareholders approved all the transactions and the purchase caps at a special meeting on Friday, the company said in a statement to the Hong Kong Stock Exchange.

The near three-year deal involves slot machines, multi-terminal gaming machines and related software, systems and services, and would expire on March 31, 2017.

CY Foundation said it believes it is beneficial to enter into the agreement “so as to secure the continual supplies of the slot and multi-terminal machines and slot management systems from the supplier”.

The deal was defined as a connected transaction under the Hong Kong Stock Exchange rules, as Poh Po Lian, 65 percent owner of Weike (S), is also a “substantial” shareholder of CY Foundation.

The deal will be settled in three instalments, with a first payment of HKD62.5 million in March 2015.

The end user of the goods and services involved in the deal is CY Management Ltd, formerly known as Weike (G) Management Macau Ltd, a Macau-based casino services provider.

CY Management is principally engaged in management of electronic gaming machines in Macau casinos via service agreements.

The company said it plans to expand its slot machine and multi-terminal management operations to 3,000-plus units across Asia “in the coming three years”.

Currently, CY Management serves three casinos that operate under the gaming licence of SJM Holdings Ltd. They include Casino VIP Legend, Casino Casa Real and Casino Grandview. It also provides information technology services to another two casinos in Macau, the parent company said in Friday’s filing.


  • tweet
Related articles
  • Macau gaming shielded in case of global recession: analysts
    Macau gaming shielded in case of global...

    Jul 06, 2022  

  • Macau publishes amendment to public tender regulation
    Macau publishes amendment to public...

    Jul 05, 2022  

More news
  • Fitch downgrades Crown, signs off on rating casino firm
    Fitch downgrades Crown, signs off on...

    Jul 06, 2022  

  • Macau could launch gaming tender within days: JP Morgan
    Macau could launch gaming tender within...

    Jul 06, 2022  


Latest News

Fitch downgrades Crown, signs off on rating casino firm

Fitch downgrades Crown, signs off on rating casino firm

Jul 06, 2022  

Fitch Ratings Inc says it has downgraded the issuer default rating of Australian casino operator Crown Resorts Ltd to ‘BB-’ from ‘BBB’, and the senior unsecured rating on the financing...
Read More
Macau could launch gaming tender within days: JP Morgan

Macau could launch gaming tender within days: JP Morgan

Jul 06, 2022  

Veteran fears for Macau 2H as GGR so far lowest since 2006

Veteran fears for Macau 2H as GGR so far lowest since 2006

Jul 06, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”As the Macau gaming revenue structure is now leaning heavily towards the mass business … once the border fully reopens, the recovery from mass should drive the sector to bounce more swiftly”

Vitaly Umansky, Louis Li and Shirley Yang

Analysts at Sanford C. Bernstein



Most Popular

  • Four Seasons Macao shops paused on Covid casesFour Seasons Macao shops paused on Covid cases July 4, 2022
  • GKL sees June casino sales up 34pct sequentiallyGKL sees June casino sales up 34pct sequentially July 4, 2022
  • Macau’s Grand Lisboa cordoned amid 13-case Covid clusterMacau’s Grand Lisboa cordoned amid 13-case Covid… July 5, 2022
  • Macau publishes amendment to public tender regulationMacau publishes amendment to public tender regulation July 5, 2022
  • Macau ops all likely had negative 2Q EBITDA: JP MorganMacau ops all likely had negative 2Q EBITDA: JP Morgan July 4, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us