GGRAsia – Gaming investor Amax Int to raise fresh funds

Gaming investor Amax Int to raise fresh funds

Sep 07, 2017 Newsdesk Latest News, Macau, Top of the deck

Gaming investment firm Amax International Holdings Ltd is seeking to raise gross proceeds of HKD7 million (US$894,622) from a placing and subscription of 20 million placing shares.

The money would be for “general working capital and investment of the group”, it said in a Wednesday filing to the Hong Kong Stock Exchange.

The placing shares have a subscription value of HKD0.35 per unit. In aggregate they would represent approximately 3.23 percent of the existing issued share capital of the company, and approximately 3.13 percent of the issued share capital as enlarged by the proposed exercise, the filing stated.

Six placees – said to be independent third parties as defined under local exchange rules – have agreed to take up the subscription. The net proceeds from the exercise would amount to approximately HKD6.64 million, the filing added.

In other developments, Amax International had said in a Monday filing it was in talks for “exclusive operating rights” in a VIP room at an undisclosed Cambodian casino.

Amax International reiterated in another Monday filing that it had applied to a Macau court for its chairman and chief executive Ng Man Sun to be appointed administrator of an associate of the group, called Greek Mythology (Macau) Entertainment Group Corp Ltd, “in order to get access to and control over books and records of Greek Mythology”.

Amax International controls 24.8 percent of Greek Mythology, according to Amax International’s 2017 annual report, filed in July. Greek Mythology has operated gaming tables in Casino Greek Mythology in Taipa, Macau, under the Macau gaming licence of SJM Holdings Ltd.

The casino was shut down by the city’s Gaming Inspection and Coordination Bureau on December 31, 2015 at the request of SJM Holdings. At the time, SJM Holdings’ chief executive, Ambrose So Shu Fai, told the Macau public broadcaster TDM that the closure was for renovation. It currently remains shuttered.