Macau Success Raises Capital for Ponte 16 Casino Project

Written on October 10, 2007 by admin

Macau Success Ltd said wholly owned unit Golden Sun Profits Ltd has agreed to sell about 10 pct of World Fortune Ltd’s existing issued share capital to Japan’s Maruhan Corp for 208.5 mln hkd.

The sale also includes about 10.2 pct of the interest-free shareholder’s loan of 66.47 mln hkd provided by Golden Sun to World Fortune, which is wholly owned by Macau Success.

Macau Success said the sale will give the group the opportunity to introduce Maruhan as a strategic investor in World Fortune, which is developing the 3.1 bln hkd Ponte 16 integrated resort complex in Macau. Maruhan is a leading player in Japan’s pachinko gaming industry.

The complex is to comprise of a five-star hotel, casino, shopping arcade and recreational facilities.

The Ponte 16 project is held 49 pct by World Fortune and 51 pct by SJM Investimentos Limitada, an independent third party.

Macau Success said it intends to use the net proceeds of 207 mln from the sale for general working capital purposes and to finance future business opportunities.

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Posted in Casino Ponte 16, Construction, Macau Casino, Macau Property, Macau Success

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