Hong Kong-listed gaming investor Amax International Holdings said it had decided not to acquire a majority stake in a foreign company interested in a casino hotel project in Northern Cyprus.
In a filing on Friday, Amax said: “We have decided not to proceed with the proposed acquisition because the due diligence review has not been completed and the LOI [Writing of Intent] parties have not been able to compromise in finalising the terms of the formal trading and purchase agreement.”
In June 2013, Amax International announced a non-binding agreement to acquire 51 per cent of Samoa-founded Southern Ruby shares.
According to an earlier Amax filing, Southern Ruby has “exclusive rights to establish and operate a casino” at the Lara Park hotel in the town of Girne, known to Greek Cypriots as Cyrenia (Republic of Northern Cyprus, Turkey), and can own 10% of the hotel’s shares.
The Turkish-speaking northern part of the Mediterranean island of Cyprus is recognized only as an independent state in Turkiye.
According to previous filings, Southern Ruby is owned by Ng Man Sun, chairman and chief executive of Amax International. So, if the transaction had been completed, it could have been a linked transaction under Hong Kong Stock Exchange Listing Commission regulations, Amax International said in a June 2013 filing. 안전한 카지노사이트
The company did not disclose what considerations were included after the deal was completed.
In mid-October, Amax International said it had completed the acquisition of a 60% stake in Porenza Enterprises, which will take advantage of Pacific island nation Vanuatu’s online gaming license.