Jimei appoints two new directors

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Jimei International Entertainment Group Limited has appointed two new executive directors, effective May 11, a filing from the company with the Hong Kong Stock Exchange made public last Thursday after trading hours.
The appointment follows an announcement from April 19, that casino tycoon Jack Lam Yin Lok was selling his control of Jimei by a total consideration of HK$443.17 million (US$56.87 million/MOP456.46 million) after entering into a share sale and purchase agreement with Cosmic Leader Holdings Limited, according to a previous filing of the company with the Hong Kong bourse.
Mr. Yan Xu and Ms. Chen Hong, the shareholders of Cosmic Leader, with an 80-per cent and 20-per cent stake respectively, are to be executive directors of Jimei.
The company noted that the appointment of each of the new directors’ is for a term of three years starting May 11, 2017, and will be automatically renewed for a further term of one year each subsequent year.
The new directors will be entitled to a director’s salary of HK$1.2 million per annum as well as a discretionary bonus payment.
Cosmic Leader Holdings currently owns 73.83 per cent of the entire issued share capital of Jimei, of which 65.04 per cent was acquired through the April agreement and 8.79 per cent prior to the latest completion, according to our previous reports.