Hong Kong-listed firm Sinor Green Energy International Group, which has been controlled by Macau junket investor Jack Lam In Lock since September, said in a new filing that it planned to use funds raised through corporate financing to develop junket businesses in Macau.
A filing on Friday said Sinogreen would use Lam’s “professionalism and experience” to “explore opportunities to develop its game promotion business in Macau.” Lam is the chairman of Zimei Group, one of Macau’s largest integrators of game promoters.
Currently, Jimei operates the Jimei Casino under the SJM Holdings game license next to the Grand Rafa Hotel on the Macau Peninsula. In addition, according to Jimei’s website, Jimei operates junket rooms in seven Macau properties, including Win Macau, Sands Macau, and City of Dreams. It also operates the Fontana Leisure Park & Casino in the Clark Special Economic Zone in the Philippines.
Sinorgreens said in a filing on Friday that it plans to use about 60% (HK$96.9 million) of the HK$164.4 million (US$21.2 million) raised through share subscriptions and convertible bond issuance announced on July 25 to “establish a game promotion business in Macau,” including HK$66.9 million for game credits for players and working capital. It will also allocate HK$10 million for legal fees and HK$20 million for office rent and administration.
An additional HK$37.5 million out of HK$164.4 million will be used to repay loans. The company had originally planned to allocate the remaining HK$30 million in relation to the company’s core business to trade chemicals and save energy. 카지노사이트
Shareholders of Sinogreen will be asked to approve the change of the company’s name to Zimay International Entertainment Group at a special general meeting in Hong Kong on December 18.
After completing the share subscription in September, Chairman Lam and the parties involved will own 65.85% of Sinogreen Energy’s capital.