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Success Dragon announces change in control after shares deal

Friday, 19 May 2017 05:11
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Gaming industry service provider Success Dragon International Holdings has announced a possible change in control of the company after being informed by Mr Mark Yong Khong Yoong that he has entered into a memorandum of understanding with another shareholder, Ms Zhang Lin Lin, to sell off his shares.

Mr Yong currently holds 24.65% of all issued shares in Success Dragon while Ms Zhang – owner of Hillsong Global Ltd – holds 8.4%. Her stake in the company would rise to just over 33% when the transaction is completed.

“The Possible Disposal, if it materializes, will lead to a change in control of the Company and a mandatory conditional general offer under Rule 26.1 of the Takeovers Code,” Success Dragon said in an announcement to the Hong Kong Stock Exchange.

Trading on shares resumed on Thursday morning after being halted at 13:00 on Wednesday.

Success Dragon has recently made significant moves to expand its business into renewable energies and earlier this month signed a renewable energy management framework agreement with Dongguan Zhonghua Huamei Plastic Co to cooperate on a photovoltaic energy generation and storage project in Guangdong.

It also recently completed a 20.8% investment in Primus Power Corporation following the appointment a new Executive Director and CEO, Mr Jiang Dan, following the resignation of Carlos Luis Salas Porras.

Success Dragon provides outsourced gaming machine operations to Pharaoh’s Palace, Casa Real and Grandview casinos in Macau as well as several hotels in Vietnam.

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