GGRAsia – Paradise Ent shareholders approve share buy-back, dividend

Paradise Ent shareholders approve share buy-back, dividend

May 22, 2019 Newsdesk Latest News, Macau, Top of the deck

Maker of casino equipment and operations manager Paradise Entertainment Ltd says its stockholders have approved a share buy-back and a dividend proposed by the board. Paradise Entertainment makes and sells electronic gaming machines bearing the LT Game brand, and manages the Casino Kam Pek Paradise and Casino Waldo, both located on the Macau Peninsula.

The company told the Hong Kong Stock Exchange on Tuesday that its annual general meeting that day had given the directors a general mandate to buy back shares in the company, the holders of 99.78 percent of the stock being in favour.

The shareholders also gave the directors a general mandate to issue shares in the company, the holders of 98.98 percent of the stock being in favour, and extended the general mandate to the directors to issue shares by the nominal amount of shares bought back.

In April, the board proposed to buy back up to 10 percent of the issued share capital of the company, and to allot new shares up to a nominal amount of 20 percent of such issued share capital.

The share buy-back, if exercised in full, would have the effect of increasing the stake in the company held by its chairman and managing director, Jay Chun, to about 66.63 percent from about 59.96 60 percent.

Paradise Entertainment also told the stock exchange on Tuesday that the annual meeting had approved unanimously a final dividend for last year of HKD0.025 (US$0.0032) per ordinary share.

In March, Paradise Entertainment announced that it made a profit of HKD58.2 million in 2018, having made a loss of HKD30.7 million the year before.