AMAX INTERNATIONAL HOLDINGS STAKE IN GREASE SHINHWA
AMAX INTERNATIONAL HOLDINGS (HKex:959) has decided to sell its stake in the business that used to run the Greek Xinhua Casino in Macau, where the casino has been shut down for several years as the two former business partners continue to disagree about the venue, and the Beijing Imperial Palace Hotel, where the casino is located, was temporarily closed in the summer of 2016 and problems arose with the operation permit in accordance with Macau government standards.
AMAX INTERNATIONAL ANNOUNCES SALE 24.8% STAKE IN GREAS SHINHWA (Macau) ENTERTAINMENT GROUP INC. The stake was sold to Fupo International, a real estate investment and consulting firm registered in Macau.
Amax says the sale includes damage of HKD353.6m, equivalent to $45.1m USD. This amount was related to their interest in Greek mythology (Macau). This measure is partly due to the lack of progress in receiving the audited financial statements as well as other information from the enterprise necessary for the purpose of the audit and in applying the court order.
In May, Amax said Ming Bao’s reports regarding the Beijing Imperial Palace were untrue. According to reports, stakeholders related to Alvin Chowchuck, chairman of junket investor SunCity Group, have taken over the chairman’s control. The acquisition is said to be due to the debt incurred.
Casino Greek mythology and Beijing Imperial Palace Hotel have had several disputes in the past. This included issues between Amax Chairman and Chief Executive Officer Ng Man Sun and Sun’s former domestic partner, Chen Mei-hwan. 슬롯머신
Amax clearly pointed out that the impairment referred to in the submission is essentially one-off and non-cash and has no impact on the Group’s cash flow or current business operations.