Success Universe sells stake in lottery service provider

Hong Kong-listed Success Universe Group Ltd has disposed all of its shares in Honour Rich, a lottery technology service provider in Mainland China.

The shares represent 80 percent of the entire issued share capital of Honour Rich, which was sold for an aggregate consideration of HK$12 million to Wide Fortune Group Ltd, according to the company’s filing to the Hong Kong Stock Exchange.

Success Universe, which operates Ponte 16 in Macau, said the decision to dispose its shares was due to uncertainty regarding the digital lottery business in China, which has been suspended since early 2015.

“The directors consider that the disposal [relieves the group] from further need to inject working capital to sustain the operation of its business and redeploy of resources to other investment opportunities,” said the company in the filing.

Success Universe says it intends to apply the net proceeds from the disposal for the group’s general working capital.