Sinogreen eyes Macau’s gaming market

Sinogreen Energy International Group is planning to enter the gaming market here, an announcement which saw the company’s 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, Lam’s share subscription can ‘help diversify its business and extend it to Macau’s 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.