A major shareholder of Macau gaming service provider Success Dragon International Holdings Limited has offloaded his entire 24.29% stake in the company.
In a filing to the Hong Kong Stock Exchange, Success Dragon revealed that Shanghao Limited, which is wholly owned by Tsang Ho Kwan, had notified the company of the disposal of 503,669,620 shares on 18 January through off-market transactions at HK$0.1588 per share. The shares have been purchased by a Liu Shiwei.
“After the disposal and as at the date of this announcement, Shanghao ceased to be a substantial shareholder of the company and does not hold any shares in the company and Liu Shiwei became a substantial shareholder of the company,” the filing said.
Success Dragon currently provides gaming services at Grandview and Casa Real casinos in Macau. It previously ran gaming at The Landmark Macau but announced in November that it had ceased operations due to higher operating costs and worsening performance of the property.
The company booked a loss of HK$28.6 million for the six months to 30 September 2017, stating at the time that its results had been prepared on a going concern basis. It also announced that Tsang Ho Kwan had agreed to temporarily “provide a shareholder’s loan for the company to meet its liabilities as they fall due.”
Exactly what his departure means for Success Dragon’s future remains to be seen.
RelatedPosts
