Paradise Entertainment expands share buyback plan

Oct 28, 2014 Newsdesk Latest News, Macau, Top of the deck  

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Paradise Entertainment Ltd, parent of casino equipment maker LT Game Ltd, said in a filing on Tuesday that it has expanded its existing share buyback plan. The company plans to carry out “on-market repurchases of up to an aggregate of HKD150 million [US$19.3 billion] of their trading value” under the current mandate approved on June 13.

Earlier this month the firm confirmed to the Hong Kong Stock Exchange that it had repurchased 6,536,000 shares from the market on September 30, at prices between HKD2.87 and HKD2.90 per share. The buyback exercise was part of the company’s share repurchase plan, it said on Tuesday.

“The authorisation of the share repurchase plan reflects the board of directors and the management team’s confidence in Paradise’s long-term strategy and growth prospects, as well as its commitment to strategically invest in development opportunities and returning capital to investors,” Jay Chun, chairman and managing director of Paradise Entertainment, said in the filing.

Mr Chun, a major shareholder of Paradise Entertainment, had personally purchased a total of 1,140,000 shares from the market during September “at an average price of around HKD3.39 per share”, according to a previous filing.

Following the transaction, Mr Chun held 630,836,720 shares in Paradise as of September 30, representing approximately 59.29 percent of its issued share capital.

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