The Chairman, CEO and Executive Director of Hong Kong-listed gaming investor Amax International Holdings, Ng Man Sun, has dramatically increased his holding in the company after exercising conversion rights to convertible bonds.
In a filing, Amax said it had been informed by Ng of his wish to convert bonds in the amount of HK$50.5 million at a price of HK$0.30 per share, with the company subsequently issuing a total of 168,333,333 conversion shares on Monday 4 February 2019. The shares represent 18.88% of the total issued shares of Amax before the conversion and 15.88% following enlargement via the allotted amount.
As such, Ng’s stake in the company has risen from 6.44% to 21.30%.
Amax currently operates a gaming business in Vanuatu under an interactive gaming license as well as a VIP room with 13 baccarat tables at Genting Crown Casino in Poipet Cambodia.
Most notably, it is also engaged in an ongoing legal stoush with Greek Mythology (Macau) Entertainment Group Corporation Limited – which operated and managed the shuttered Greek Mythology casino at Beijing Imperial Palace Hotel in Macau and of which Amax holds a 24.8% stake – in an effort to gain access to their books and records.
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