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A-MAX HOLDINGS LIMITED
Invests further in Greek Mythology
Hong Kong, February 19, 2006 - A-Max Holdings Limited (HKEx: 959, the "Company") announced on November 8, 2005 that it had agreed to purchase an additional 30% interest in Greek Mythology (Macau) Entertainment Group Corporation Limited ("Greek Mythology") from Mr Ng Man Sun (the "Vender") for a consideration of HK$2,056,572,380. A circular from the board of the Company regarding this sale and purchase agreement ("S&P Agreement") was dispatched on February 17, 2006, to be followed by a special general meeting to be held on March 13, 2006.
Greek Mythology mainly engages in the gaming and entertainment business in Macau and manages a casino measuring a gross floor area of approximately 160,000 square feet. The consideration for this transaction has been determined with reference to the leading position, well-established brand, business potential and growth prospects of Greek Mythology. Greek Mythology was incorporated on September 13, 2004 and commenced business on December 23, 2004. According to its audited accounts for the period from the date of its incorporation to November 30, 2005, the turnover, the EBITDA and the net profit attributable to shareholders were approximately HK$624.7 million, HK$389.1 million and HK$317.7 million, respectively.
The Group currently holds a 19.9% interest in Greek Mythology. Upon completion of the transaction, the Group's interest in Greek Mythology would be increased to 49.9%. Meanwhile, the Vendor's interest in the Group would also be increased from 9.68% to 29.8%. The consideration of HK$2,056,572,380 for the purchase of shares in Greek Mythology will be satisfied as to HK$601,850,273 by the issue of shares in the Company at HK$0.56 per share; and as to the balance of HK$1,454,722,107 by the issue of a 10-year zero-interest promissory note.
As a condition to the S&P Agreement, the Vendor and his associates are required not to hold any convertible notes of the Company upon completion of the transaction. On February 15, 2006, the Vendor entered into a convertible note transfer agreement ("Transfer Agreement") with Topwood International Limited, an independent third party, for the transfer of its entire holding in the Company's convertible notes. Pursuant to the Transfer Agreement, Topwood will not exercise any conversion rights for a period of six months from the date of the Transfer Agreement. Topwood is a PRC real estate investor.
Greek Mythology Casino now has up to 228 gaming tables and about 100 slot machines. It saw significant growth in traffic since its opening to over 30,000 visitors daily by the end of the second quarter of 2005. The casino's business development plan envisages further expansion up to 500 gaming tables on an area of 300,000 square feet in the second phase, and a new 38-floor hotel wing will be built to house another 500 gaming tables in the third phase. After completion of the three phases, there will be up to 1,000 gaming tables in total. The construction of the new hotel wing commenced at the end of December 2005.
About A-Max Holdings Issued by : Through :
A-Max Holdings Limited (HKEx: 959) is a leading producer of liquid crystal display (LCD) and liquid display modules (LCM), with a manufacturing plant in Dongguan, China. In November 2004, the Group initiated investments in the entertainment sector of Macau through an interest in Greek Mythology (Macau) Entertainment Group Corporation Limited.
A-Max Holdings Limited
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