Fame Selectups Suncity Holdco Stake Bond Conversion Holds

Suncity Group Holdings, a specific investment listing agency with Macau gambling junket investor Alvin Chauchukwah, said its majority shareholder, Fame Select Inc., was increasing its stake in the company.

Mr Chau is chairman and executive director of Suncity Group Holdings and owns a 50% stake in Fame Select.

On Thursday, Suncity Group Holdings said it had informed the Hong Kong Stock Exchange that Fame Select would exercise its right to activate convertible bonds worth HK$168 million ($21.54 million) into shares.

Fame Select has the power to convert HK$3 million worth of convertible bonds held in listed companies into shares

SunCity Group Holdings said Fame Select informed the company of its intentions on the same day.

The conversion price of is HK$0.26 per conversion share, so more than 646.15 million convertible shares will be issued to Fame Select.

Suncity Group Holdings said yesterday or soon it will issue convertible shares.

The court said the issuance would increase the stake in Fame Select from 72.17% to 74.87%.

Analysts say a separate privately held company called Suncity Group is one of the largest single investors operating junkets in Macau. Hong Kong-listed firm Suncity Group Holdings does not cover privately held Suncity Group’s junket operating revenue streams.

In early October, Holdko said it had signed a deal to establish and operate a casino at a resort in Cambodia’s Sihanoukville state.

BY: 바카라사이트

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