AMAX Extends Vanuatu Trading Deadline Third
Hong Kong-listed gaming investor Amax International Holdings Ltd said on Thursday it was extending its deadline for a third time to complete a deal to acquire a 60% stake in the game operator in the Pacific island of Vanuatu Republic. The new deadline is in late August, three months later than the company had originally expected.
Amax said in a filing with the Hong Kong Stock Exchange that the parties had agreed to extend the cutoff date until August 31, "an otherwise agreeable date."
It said the extension was needed "to complete the due diligence review and to finalize the terms of the formal sale and purchase agreement."
In March, Amax, which is chaired by Macau veteran junket operator Ng Man-sun, announced it had signed a non-binding letter of intent to acquire a 60% stake in Forrencia Enterprises Inc. for about 55 million Hong Kong dollars (US$7.1 million).
Forenzia holds a gaming license from the Ministry of Finance and Economic Development of the Republic of Vanuatu "for 15 years to conduct an interactive gaming business," according to Amax.
Amax said in its latest annual report that its management was "optimistic about Vanuatu's gaming business outlook, based on a stable political environment, high access from major Asian cities, low taxes and government support for development of the gaming sector."
In June, Amax said it was extending the deadline for negotiations to acquire a controlling stake in its Northern Cyprus casino operation proposal for a fourth time.
BY: 홀짝게임
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