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Jack Lam sells down Jimei International stake

Thursday, 20 April 2017 14:38
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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.

 

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