Sinogreen Energy International Group Ltd, a Hong Kong-listed firm controlled since September by Macau junket investor Jack Lam Yin Lok, said in a new filing it plans to use money raised in a corporate funding exercise to develop a junket business in Macau.
Friday’s filing said Sinogreen would use Mr Lam’s “expertise and experience” in order to “explore the opportunity of developing the gaming promotion business in Macau”. Mr Lam is chairman of Jimei Group Ltd, one of Macau’s largest consolidators of gaming promoters.
Currently Jimei runs Jimei Casino next door to the Grand Lapa hotel on Macau peninsula under an SJM Holdings Ltd gaming licence. Jimei also has junket rooms in seven other Macau properties including Wynn Macau, Sands Macao and City of Dreams, according to Jimei’s website. Jimei also operates Fontana Leisure Parks & Casino at Clark Special Economic Zone in the Philippines.
Sinogreen added in Friday’s filing that of the HKD164.4 million (US$21.2 million) the firm raised via a share subscription and issue of convertible notes announced on July 25, it planned to use nearly 60 percent – HKD96.9 million – for “establishing its gaming promotion business in Macau,” including HKD66.9 million for gaming credit for players and working capital. It would also allocate HKD10 million in legal fees and HKD20 million for office leasing and administrative expenses.
A further HKD37.5 million of the HKD164.4 million would be for repayment of loans. The company planned to allocate the remaining HKD30 million for trade in chemical products and energy conservation – relating to the core business of the original company.
Sinogreen’s shareholders will be asked at a special general meeting in Hong Kong on December 18 to approve changing the firm’s name to Jimei International Entertainment Group Ltd.
Following a share subscription completed in September, Mr Lam and parties associated with him assumed control of 65.85 percent of Sinogreen Energy’s capital.
Sep 20, 2021The Macau government should give more detailed information on its proposed new regulatory requirements for the city’s gaming sector, in particular the idea of raising the minimum share capital...
”The Macau government is not aiming to trivialise or drive out the junket sector, but to regulate the sector so that it would not hurt Macau’s reputation”
Alvin Chau Cheok Wa
Chief executive of privately-held VIP junket business Suncity Group