Hong Kong-listed gaming investment business Amax International Holdings Ltd has completed a share subscription to clear debt of HKD9 million (US$1.15 million) owed collectively to a shareholder and some advisers.
The group issued an aggregate of just under 37.2 million subscription shares at HKD0.242 per subscription share for that purpose, it said in a Thursday filing.
In an August 28 filing, Amax International said it had been relying in part on shareholder Wong Kam Wah, who had been “supporting the daily operation of the company by providing unsecured interest-free advance,” and owed him an outstanding amount of HKD2.5 million as of that date.
The group additionally owed Chanceton Capital Partners Ltd, a Hong Kong-licensed financial services company, HKD3.25 million, and an entity called Skyline Ace Ltd, a further HKD3.25 million.
The Amax brand was once one of the most powerful in the Macau casino VIP gambling segment via a separate business that had interests in junket operations.
According to its 2018 annual report issued on July 30 and covering the 12 months to March 31, Amax International itself was as of the date of the report operating a gaming business in Vanuatu and a VIP room in Cambodia, as well as “intellectual properties and technological solutions in connection with mobile game apps”.
Impairment losses of HKD901.2 million on the firm’s interest in Greek Mythology – a casino inside the currently-shuttered Beijing Imperial Palace Hotel in Macau – had been recorded in 2017, the 2018 annual report stated.
In that report the auditors noted that as of that March 31, Amax International had a net loss of HKD50.7 million, and at that date its current liabilities exceeded its current assets by nearly HKD161.6 million.
“These conditions indicate that a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern,” stated the auditors.
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”Our own consensus is that any newcomers to this [junket] sector should be corporatised, and should be financially sound and able to commit a higher guarantee deposit”
Kwok Chi Chung
President of junket trade body, the Macau Association of Gaming and Entertainment Promoters