Ng Man Sun, the chairman of Amax International Holdings, who recently increased his share in the firm to 21.3 percent, has further upped his ownership to 29.9 percent. Both transactions were made through bond conversions, according to the Macau News Agency.
News from the Hong Kong Stock Exchange showed that Ng converted a second batch of bonds worth HK$39 million (US$5 million) at the price of HK$0.30 per share. As a result of this conversion, Amax allotted and issued a total of 130,000,000 second conversion shares on February 19. Just over 70 percent of the company remains to be held by public shareholders.
Meanwhile, Amax has sold a 24.8 percent share in the defunct Greek Mythology casino for HKD38,000, when it is believed to be valued at more than HKD353 million, MNA reported. Amax said the move came about due to its “lack of progress” in acquiring audited financial statements and relevant information and documentation necessary for audit purposes from Greek Mythology (Macau). In a filing to the Hong Kong Stock Exchange, the Hong Kong-listed gaming services firm sold the stake to local property investment firm Fu Po International Ltd.
“The board is of the view that, based on previous discussion with the company’s auditor, the impairment and the disposal of the associate Greek Mythology could address and resolve the audit issues arisen by the auditor’s prolonged disclaimer of opinion on the company interest in the associate and the amount due,” Amax said in the announcement.
Greek Mythology casino closed on December 30, 2015, after a flurry of bad headlines, including an assault inside the property that left a man hospitalized, and a longstanding dispute between Ng and his former girlfriend and business partner, Chen Meihuan, who claimed she owned 80 percent of the shares in the hotel. In July 2016, the Macau Government Tourism Office ordered a temporary closure of the casino’s hotel, the Beijing Imperial Palace Hotel because of “serious administrative irregularities” and “illegal reconstructions.”
