JCM Fuzion

Jack Lam sells down Jimei International stake

Thursday, 20 April 2017 06:38

By Ben Blaschke

Jack Lam has sold off his majority stake in Hong Kong holding company Jimei International Entertainment with Cosmic Leader Holdings Ltd acquiring 369 million shares – equal to 65.04% of the company’s entire issued share capital.

The HK$443 million deal sees Cosmic Leader Holdings raise their interest in Jimei International Entertainment to almost 74%. Notably, the offer price of HK$1.20 per share represents an 82% discount on their Wednesday closing price of HK$6.60 with Lam’s stake down from around 80% to just under 15%.

Cosmic Leader Holdings is 80% owned by Yan Xu – a Chinese property developer – and 20% owned by Chen Hong who is said to have investments in the technology and communications sectors.

Trading of shares in Jimei International Entertainment resumed Thursday morning having previously been suspended on 7 April. Cosmic Leader has stated its intent to maintain its listing on the Hong Kong Stock Exchange.

Mr Lam, who operates Jimei Group in Macau, has been in the spotlight in recent months with Philippines President Rodrigo Duterte issuing an arrest order amid accusations Mr Lam had tried to bribe PAGCOR chief Andrea Domingo following the arrests of 1,316 Chinese nationals allegedly employed at his Fontana Hot Spring Leisure Parks in the Clark Special Economic Zone.

 

A Star is reborn

A Star is reborn By Muhammad Cohen | Editor at large Muhammad Cohen also blogs for Forbes on gaming throughout Asia and wrote Hong Kong On Air, a novel set during the 1997 handover about TV news, love, betrayal, high finance and cheap lingerie.   Star Entertainment Group’s rebranding of Jupiters Gold Coast a... Thursday, 06 April 2017 10:56

Finding the perfect Japanese IR mix

Finding the perfect Japanese IR mix By Dr Glenn McCartney and Dr Andy Nazarechuk In the second of their five part series on the development of Japanese integrated resorts, casino and integrated resort experts Dr Glenn McCartney and Dr Andy Nazarechuk look at the wide range of visitor segments a Japanese IR must address and how they d... Thursday, 06 April 2017 10:53

Society’s goldfish dilemma

Society’s goldfish dilemma By Professor Dr Brian To Dr Brian To takes a closer look at the world’s diminishing attention span and how some world leaders have cleverly taken advantage of the trend.   I’m rarely surprised these days by what I read, particularly in the populist publications. But I recently came across ... Thursday, 06 April 2017 10:49

Virtual sports - Art imitating life

Virtual sports - Art imitating life By Ben Blaschke  Roman Kuts from software solutions provider Slotegrator and Peter Korpusenko from virtual sports giant Golden Race discuss the evolution of virtual sports and why they have become a genuine alternative to the real thing for bettors across the globe.   “Virtual” is quite t... Thursday, 06 April 2017 10:43