GGRAsia – Paradise Ent flags 2018 dividend, Jay Chun share rejig

Paradise Ent flags 2018 dividend, Jay Chun share rejig

Apr 15, 2019 Newsdesk Latest News, Macau, Top of the deck

Casino equipment maker and casino operations manager Paradise Entertainment Ltd has recommended its board pay a HKD0.025 (US$0.0032) final dividend per ordinary share for the year ending December 31.

The plan will be put to a vote at the firm’s annual general meeting in Hong Kong on May 21, the firm said in a Friday filing to the Hong Kong Stock Exchange. In March Paradise Entertainment had reported a HKD58.2-million profit for 2018, compared to a HKD30.7-million loss in 2017.

In a separate Friday filing, the firm – which makes and sells electronic gaming machines under the LT Game brand – said that as of April 9, Paradise Entertainment chairman Jay Chun and interests controlled by him owned just under 60 percent of its issued shares.

That filing noted that the annual meeting in May would be asked to give the directors new mandates to repurchase up to 10 percent of the group’s issued share capital, and allot new shares up to a nominal amount of 20 percent of such issued share capital. The share repurchase – if exercised in full – would have the effect of boosting Mr Chun’s holding in the firm to nearly 67 percent.

The latter filing stated: “As at the latest practicable date, Mr Jay Chun and August Profit Investments Ltd, a company wholly owned by Mr Jay Chun are beneficially interested in approximately 59.96 percent of the issued share capital of the company. In the event that the directors exercise in full the power to repurchase shares pursuant to the repurchase mandate, the interests of Mr Chun and associate would be increased to approximately 66.63 percent of the issued share capital of the company.”