GGRAsia – Success Dragon executives resign, firm drops energy biz deal

Success Dragon executives resign, firm drops energy biz deal

Jun 08, 2017 Newsdesk Industry Talk, Latest News

Gaming services firm Success Dragon International Holdings Ltd announced on Wednesday the resignation of the firm’s chief executive, Jiang Dan, chairman Li Xuehua and non-executive director Jia Limin. Both Mr Jiang and Ms Li had only served in their respective positions since March.

The three directors resigned “to focus their time and effort on other business,” the company said in a filing to the Hong Kong Stock Exchange.

In the same filing, Success Dragon said it had appointed Tan Teng Hong as chairman and CEO effective June 7. Mr Tan, aged 41, is a member of the board of directors of Banque de Développement de Guinée in the Republic of Guinea. As of Wednesday, Mr Tan held a 2.93-percent stake in Success Dragon, according to the filing.

The company also appointed Chung Yuk Lun as an independent non-executive director.

Amid the executive reshuffle, Success Dragon also announced that it would no longer pursue its renewable energy agreements. The company said it decided not to acquire a stake in an energy related business in mainland China and opted against exercising an option to obtain an extra US$20-million worth of preferred shares in Primus Power Corp.

“The company has not entered into any definitive agreement in relation to the Primus option or any of the potential investments,” said Success Dragon in Wednesday’s filing.

“Following Mr Jiang’s resignation, it is the board’s decision not to exercise the Primus option or enter into any definitive agreement in relation to any of the potential investments,” the firm added.

Success Dragon had previously said it wanted to diversify its business into non-gaming areas. Part of the firm’s operations include business process management and information technology services for the gaming industry.

In mid-May, Success Dragon saw its stock price soar following an announcement of a deal that could lead to a change in control of the company.