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2007-2-12 03:11:00 p.m. HKT, XFNA
Hong Kong-listed Massive Resources to invest 140 mln hkd for Macau business
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HONG KONG (XFN-ASIA) - Massive Resources International Corp Ltd said it
has agreed to pay 140 mln hkd for rights to collect part of the profits of a
gaming promotions company dealing with one of the VIP gaming rooms of Sands
Macao.
The company said in a statement it is buying the rights through Credible
Ltd, an investment holding company, which owns 20 pct of Base Move
Investments Ltd.
Base Move has rights over 0.4 pct of certain bets made by clients the
gaming promotions company, Hou Wan Entertainment Unipessoal Ltd, invites to
Sands Macao's Chengdu VIP room.
Sands Macao is operated by Venetian Macau Ltd, a unit of Las Vegas Sands
Corp.
The unaudited rolling turnover generated by Hou Wan from July 2005 to
October 2006 reached 44.34 bln hkd, the company said.
""In view of the recent economy of Macau and the prospects of Macau's
gaming business, the directors believe that the acquisition will broaden the
group's revenue sources and provide a stable income stream to the group,"" it
said.
The company's main activities are the manufacture and trading of
electrical equipment, securities trading and leasing and management of
cruise.
To fund the acquisition, Massive Resources is proposing an open offer,
selling one offer share for every two consolidated shares to certain
shareholders at 0.20 hkd each. The company has proposed to consolidate
existing shares of 0.02 hkd each into one consolidated stock of 0.20 hkd.
It is selling 719.88 mln offer shares, which should raise 140 mln hkd in
net proceeds.
With the expansion into Macau, the company plans to change its name to
Neptune Group Ltd.
The proposed measures are subject to shareholders' approval.
At 2.59 pm, Massive was up 0.019 hkd or 86 pct at 0.04.
(1 usd = 7.8 hkd)
leonora.walet@xfn.com
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