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Amax Extends Vanuatu Trading Deadline

Macau junket investor Amax International Holdings Ltd. announced it hoped to complete a deal to acquire a 60% stake in the casino in the Pacific island of Vanuatu by the end of June, a month later than the company had originally expected.

In March, Amax, which is chaired by Macau veteran junket operator Ng Man-sun, “has entered into an unlawful binding letter of intent (LOI) to purchase a 60% stake in the company called Forrenzia Inc,” the filing said.

Amax said in a statement to the Hong Kong Stock Exchange late on Monday that the due diligence review had not been completed and the terms of the formal trading agreement had not been finalized.

On May 31, the parties entered into an additional letter of intent, under which they agreed to complete the transaction by June 30 “or any other date to be agreed upon,” the company said in a filing.

Amax said the acquisition will allow it to diversify its revenue streams and expand its gaming business. The purchase price will be determined after a due diligence process.

In a March filing, Amax said Fornziia had “a 15-year interactive gaming license from the Ministry of Finance and Economic Development of the Republic of Vanuatu to conduct the interactive gaming business.”

In addition to pursuing a deal on the Pacific island off Australia’s east coast, Amax said in a filing last year that it was interested in operating a casino in the Turkish Republic of Northern Cyprus in the eastern Mediterranean.

In August 2013, Amax’s auditor expressed “significant doubt about the group’s ability to continue to act as a continuing concern” after posting losses in the fiscal year ending 31 March 2013.

BY: 파워볼사이트

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