Club Cubic operator’s Zhuhai club deal delayed

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Luk Hing Entertainment Group Holdings Ltd., the operator of Club Cubic, has extended its deadline to enter into a formal agreement with potential partners to run a clubbing venue in Zhuhai, according to a company filing with the Hong Kong Stock Exchange on Tuesday.
The group explained the delay is because ‘additional time is required for negotiation of the terms of the formal agreement’, adding that the involved parties have agreed in writing to extend the relevant date.
Last December, the company first announced its wholly-owned subsidiary Luk Hing Group Development (China) Limited had entered into a non-legally binding memorandum of understanding with Zhuhai Wei Chong Culture Broadcasting Company Limited to form a joint venture company on the Mainland with other potential investors to develop the clubbing business in the Mainland Chinese city.
Tuesday’s filing reveals that the long stop date for the parties to enter a formal agreement will be extended to May 11 of this year.
According to the December announcement, the proposed joint venture under the MOU suggests Luk Hing China hold 15 per cent interest in the business and Zhuhai Wei Chong hold 30 per cent, with other potential investors holding the remaining 55 per cent.