Jay Chun set to increase shareholding in Macaus Paradise Entertainment

first_imgMacau’s Paradise Entertainment Ltd has flagged a likely substantial increase in shares held by Chairman and Managing Director Jay Chun via a proposed repurchase mandate.In a Friday announcement, Paradise said it will seek authority from shareholders to allow the company’s directors to purchase up to 105,218,531 of its shares on the market, equal to around 10% of current issued share capital. The proposal will be voted on at Paradise’s AGM on 21 May 2019. RelatedPosts Load More Outlining the likely outcomes of a repurchase mandate, Paradise said the shareholding of Chun and a company wholly-owned by him, August Profit Investments Limited – which together hold 59.96% of issued share capital – would rise to 66.63% if the full mandate was exercised.However, it added that the repurchase mandate would not reduce the aggregate amount of shares in public hands to below 25%, nor would it lift Chun to a level that would require him to make a mandatory takeover offer under the Takeovers Code.Paradise is the developer of Macau’s popular Live Multi-Game terminals and operates two casinos on the Macau peninsula – Casino Kam Pek Paradise and Casino Waldo. Seventh heaven Macau GGR tumbles 8.6% in August JW Marriott at Galaxy Macau named venue and Galaxy Entertainment Group named Venue Sponsor for 2019 Asian Gaming Power 50 Black Tie Gala Dinnerlast_img

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