On Thursday, Macau junket investor Amax International Holdings Ltd said it hoped to complete a deal to acquire a 60% stake in the casino in the Pacific island of Vanuatu by the end of July, a second extension of its deadline.
Amax said in a filing with the Hong Kong Stock Exchange that the parties had agreed to extend the cutoff date until July 31, 2014, "an otherwise agreeable date."
It said an extension was needed "because the due diligence review has not been completed and the terms of the formal sale agreement have not been finalized."
In March, Amax, chaired by veteran Macau junket operator Ng Man-sun, announced it had "engaged an unlawful binding letter of intent (LOI)" to acquire a 60% stake in a company called Forrenzia Inc.
Forenzia holds a gaming license from the Ministry of Finance and Economic Development of the Republic of Vanuatu "for 15 years to conduct an interactive gaming business," according to Amax.
In a filing on Monday, Amax reported net income of 65.4 million Hong Kong dollars (US$8.4 million) for the year ended March 31. Amax said it had committed to expanding its core business outside Macau "to absorb unmet demand from Asia's high rollers."
But the company's deal is taking longer than expected. In a separate filing on Tuesday, Amax said it was extending the deadline for negotiations to acquire a controlling stake in its proposed casino operations in Northern Cyprus for a fourth time.
BY: 프라그마틱 슬롯 사이트