Gaming and casino investor Amax International Holdings Ltd has announced the appointment of CNI Securities Group to raise HK$7 million through share placement for “general working capital and investment of the group.”
In a filing to the Hong Kong Stock Exchange, Amax International said it was seeking to place up to 20 million shares at a price of HK$0.35 per placing share, representing approximately 3.23% of the existing issued share capital of the company.
The share placement comes just 24 hours after the company revealed that it would likely take at least another 12 months for it to resolve ongoing uncertainty over the financial position of Macau casino Greek Mythology, of which Amax International holds a 24.8% stake. Greek Mythology has been closed since late 2015 with Amax International unable to contact management, leading to a Disclaimer of Opinion being issued by auditors.
The company has applied to the Macau court to appoint its Chairman and CEO, Ng Man Sun, as the administrator of Greek Mythology in order to gain access to and control over the casino’s books and records.
In regards to the share placement, Amax International said “gross proceeds from the subscription will be approximately HK$7 million. The net proceeds from the subscription will amount to approximately HK$6.64 million which is intended to be used for general working capital and investment of the group. The net price raised per subscription share will be approximately HK$0.332 per share.
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