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

MacauThursday, Mar 15, 2018

Sands China has become the first gaming operator in Macau to earn an ISO 9001:2015 certification for the quality management of its facilities department.

MacauThursday, Mar 15, 2018

China Star Entertainment said it will receive an additional gain from the sale of the Hotel Lan Kwai Fong in Macau following an analysis of the accounts post closing.

MacauWednesday, Mar 14, 2018

Deutsche Bank has cut its share price target for Wynn Resorts to $215 from $221, though the firm reiterates its buy rating and says all indications point to upside from its forecasts in Macau.

MacauTuesday, Mar 13, 2018

China Star Entertainment, the former owner of Macau’s Hotel Lan Kwai Fong, said it will swing to a profit for the full year of 2017, compared with a loss the year earlier.

MacauMonday, Mar 12, 2018

Gross gambling revenue for March currently appears on track to record growth of between 9 percent and 12 percent, lower than earlier estimates due to weaker-than-expected month-to-date results, Bernstein said in a research note.

MacauMonday, Mar 12, 2018

Macau’s operators are greening their fleet of buses, with MGM China becoming the latest to add eco-friendly vehicles, Macau News Agency reports.

MacauThursday, Mar 08, 2018

The 13 Holdings is proposing to change its name to “South Shore Holdings Limited,” subject to shareholder approval.