By Ben Blaschke
Success Dragon International Holdings, a service provider to the gaming industry in Macau, has announced its intention to diversify its business by signing a renewable energy management framework agreement with Dongguan Zhonghua Huamei Plastic Co to cooperate on a photovoltaic energy generation and storage project in Guangdong.
The pilot project, which runs for an initial period of 25 years, will see Success Dragon oversee the project’s energy storage solution, invest in infrastructure and assume ownership of the electric power generated.
In explaining the reasons behind the agreement, Success Dragon said it, “has been seeking attractive investment and acquisition opportunities and expanding its business with a view to enhance its income stream and shareholders’ value.
“The Company is intending to expand into the renewable energy solution businesses … the directors of the Company reckon that signing the Agreement will enhance the Company’s business profile on developing renewable energy solution and storage system.”
Last month, Success Dragon completed a 20.8% investment in Primus Power Corporation while also announcing the appointment a new Executive Director and CEO, Mr Jiang Dan, following the resignation of Carlos Luis Salas Porras.
The Group announced six-month losses through September 2016 of HK$39.2 million, down from HK$140.3 million in the six months prior.
Success Dragon attributed the narrowed losses to improved performance in Macau and new gaming opportunities in Vietnam, however earlier this year the Company was forced to terminate deals to provide electronic gaming machines to two Vietnamese properties due to a change in local laws.
