Shareholders of Amax International Holdings Ltd have given the green light to two key initiatives at a Special General Meeting on Thursday, including a change of corporate name.
In an overnight announcement, Amax confirmed it will change its name to “Century Entertainment International Holdings Limited”, with its Chinese name changing to “世紀娛樂國際控股有限公司”. Shareholders voted overwhelmingly in favor with a count of 99.9991%.
In a recent filing, Amax said changing its corporate name “will refresh the corporate image and identity of the Company and will more appropriately describe the vision of the Group” following a difficult year in which it was forced to write off its 24.8% stake in shuttered Macau casino Greek Mythology, valued at more than HK$353 million (US$45 million) – ending an exhaustive and ultimately fruitless three-year battle to access financial records from the casino’s former management firm.
Shareholders have also approved the sale of the company’s Mobile Games Apps business to Cambodian casino operator Galaxy World Co., Ltd for HK$30 million.
The move, aimed at increasing cash flow, will see Amax offload the source codes of 30 offline mobile game apps covering the areas of leisure and entertainment, education and intellect, and sport and adventures, allowing the company to focus on expansion of its existing gaming businesses and IT Solutions Business.
Amax currently operates 13 VIP baccarat tables at a casino in Poipet, Cambodia, and is providing pre-opening services for a new casino project in Sihanoukville. It also holds an interactive gaming license in Vanuatu.
