Lam sells majority stake in Jimei International

Junket veteran Jack Lam has sold his controlling stake in junket investor Jimei International Entertainment Group Ltd.

According to the company’s filing to the Hong Kong Stock Exchange on Wednesday, the deal took place on April 7 involving a maximum consideration of HK$443.2 million (US$57 million), or HK$1.20 per share, for Lam’s 65.04 percent majority stake.

The amount will be divided into two batches, the first HK$222 million has already been settled, according to the filing, while the remaining HK$221.2 million is to be paid on January 5, 2018.

It however, could be adjusted if Jimei International is unable to recover part of its outstanding receivables, valued at HK$227 million at the end of 2016, said the filing.

The buyer is Cosmic Leader Holdings Ltd., which is 80 percent owned by Yan Xu, and Chen Hong, who holds 20 percent.

Cosmic Leader says it plans to allow Jimei to “continue its existing businesses,” but added it will  “conduct a review on the business operations and financial position of the group for the purpose of formulating business plans and strategies for the future business development.”

More news from this jurisdiction

MacauMonday, Jul 24, 2017

The Statistics and Census Service (DSEC) reported a small rise in visitor arrivals to Macau in the month of June, up 0.9 percent year-on-year, but down 7.5 percent month-on-month.

MacauMonday, Jul 24, 2017

Macau saw a strong week-on-week increase in ADR for the week ended July 23, due to higher VIP hold and volume, and strong visitation.

MacauMonday, Jul 24, 2017

Secretary for Economy and Finance Lionel Leong Vai Tac has vowed not to become complacent after being given a positive rating by the Asia Pacific Group on Money Laundering (APG) for its efforts in anti-money laundering.

MacauSunday, Jul 23, 2017

Macau’s Judiciary Police raided a fake VIP gaming room in Nape on Wednesday, arresting 19 gang members.

MacauThursday, Jul 20, 2017

Macau has been given a positive rating by the Asia Pacific Group on Money Laundering (APG) for its efforts in anti-money laundering, according to a statement from the Financial Intelligence Office.

MacauThursday, Jul 20, 2017

Macau saw its occupancy rate rise 3.1 percentage points to 88.5 percent year-on-year in the month of June, according to data from the Macau Hotel Association (MHA).

MacauWednesday, Jul 19, 2017

Macau’s authorities received a total of 179 requests for casino exclusions in the first half of 2017, according to data from the Gaming Inspection and Coordination Bureau (DICJ).