Confirmation of a deal to enable Hong Kong-listed conglomerate CY Foundation Ltd to buy a maximum of approximately HK$201.13 million (US$26 million) worth of goods and services from Singapore gaming equipment maker Weike (S) Pte Ltd has been delayed.
The relevant circular will now be filed “on or before” July 24, said CY Foundation on Thursday.
The near three-year deal, involving slot machines, multi-terminal gaming machines and related software, systems and services, and which would expire on March 31, 2017, is defined as a connected transaction under the Hong Kong Stock Exchange rules. Poh Po Lian, 65 percent owner of Weike (S), is also a “substantial” shareholder of CY Foundation, said an earlier filing in June outlining the deal.
The end user of the goods and services involved in the deal is CY Management Ltd, formerly known as Weike (G) Management Macau Ltd, a Macau-based casino services provider.
CY Management is principally engaged in management of electronic gaming machines in Macau casinos via service agreements.
Currently, CY Management serves three casinos that operate under the gaming licence of SJM Holdings Ltd. They are: Casino VIP Legend, controlled by casino services firm Macau Legend Development Ltd; and Casino Casa Real and Casino Grandview, controlled by Kingston Financial Group Ltd.
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”We expect Goa to quickly become a US$1 billion market as it transitions to land-based casinos (from US$150 million today), which is still just a fraction of India’s total GGR potential of US$10 billion to US$17 billion”
Analyst at Union Gaming Securities Asia