Hong Kong-listed South Shore Holdings says that negotiations regarding a potential investment of up to HK$1.5 billion into the company subsidiary that beneficially owns Macau’s THE 13 Hotel are “ongoing”.
South Shore revealed on Friday that it has extended the expiry date of a Memorandum of Understanding signed with the potential investor in January for an extra 27 days, from 4 May to 31 May 2019, to accommodate the ongoing negotiations. The MoU had previously been extended for one month from its initial expiry date of 4 April.
THE 13 Hotel opened for business on 31 August 2018 and is currently welcoming guests for hotel stays and private functions. However, there are still a number of rooms yet to be fitted out due to a lack of funding.
The investor has previously been described as “an associate of a substantial shareholder” in the company.
Inside Asian Gaming understands that South Shore Holdings would also entertain any interested buyers of the property.
South Shore announced last week that Walt Power had re-designated from his role as CEO and Executive Director and instead listed as a Non-Executive Director, leaving only Chairman Peter Coker and Deputy Chairman Tom Lau on the executive team.
