Sinogreen Energy International Group is planning to enter the gaming market here, an announcement which saw the companys shares rise 46 percent. Guangzhou-born Jack Lam Yin Lok, who runs the Jimei Group, proposed a full acquisition of Sinogreen, which will sell 325 million new shares of 65.9 percent of enlarged share capital to the junket tycoon, along with Creative Cosmo and New Elect. Sinogreen will also issue notes which can be converted to 159 million shares to Mr. Lam for HK$0.35 each. The total amount payable for the subscription of the convertible notes is HK$55.7 million. As much as HK$96.9 million will be used to start a gambling junket business in Macau. According to a report published in Hong Kong newspaper The Standard, Lams share subscription can help diversify its business and extend it to Macaus gaming market. In Macau, junket operator Jimei Group operates in casino rooms at the Grand Lisboa, MGM Grand, The Venetian Macao and Wynn Macau. Jimei Group also operates two resorts in the Philippines as well as a gambling ship that cruises daily out of Hong Kong.
Top Stories
RELATED ARTICLESMORE FROM AUTHOR
Pope to attend AI session of G7 summit in June
Pope Francis will attend a working session on artificial intelligence at the G7 summit in...
Russia says two held for planning attacks on security sites
Russia said Friday it had detained two people accused of harbouring pro-Ukrainian sympathies for planning...
Japan PM to visit France, Brazil, Paraguay
Japanese Prime Minister Fumio Kishida will visit France, Brazil and Paraguay next week as his...
Senior CPC official meets Leaders Party of Vanuatu delegation
Liu Jianchao, head of the International Department of the Communist Party of China Central Committee,...