Amax International to raise HK$9.21 million through share sale

Amax International Holdings said it will raise HK$9.21 million gross ($1.18 million), or $9.06 million net, through the placing of shares to fund working capital and investments.

The company said the shares will be placed to no fewer than six investors unconnected with the company.

Amax plans to sell 9.9 million shares, which represents 3.86 percent of the existing capital, at a price per share of $0.93. That represents a discount of some 11 percent to the closing price on the date of the announcement.

The company, which operates junkets in Macau, in August raised $7.56 million through a placement and said it has used $6.7 million of the proceeds for working capital.

Hong Kong-listed Amax has said it plans to pursue international opportunities outside of Macau where it expects growth to slow. Its plan is to evolve into a diverse holding company with a portfolio of gaming and entertainment businesses in multiple markets.

Recently the group finalized the purchase of an online gambling license in Vanuatu, though a deal to buy into a casino project in North Cyprus fell through.

 

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