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HONG KONG, May 18, 2016 - (ACN Newswire) - Amax International Holdings Limited ("Amax" or the "Group"; stock code: 959) is pleased to announce that the Group has received a letter from the Regulator giving in principle approval to the Group to the commencement of the operation of the Group's gaming business in the Republic of Vanuatu.
Mr. Ng Man Sun, Chairman of Amax, said, "We are excited to receive the regulator's approval as this will mark a milestone in expanding our gaming business outside of Macau and towards the international market. In view of the poor industry sentiment in Macau's gaming market, as well as the rapid development of the interactive gaming sector in recent years, this new project will provide us with a golden opportunity to diversify our business and thereby broaden our income sources. We are confident that by leveraging our extensive experience and expertise in the gaming industry, this new project can significantly and positively contribute to the Group and create value for our shareholders.
In October 2014, the Group diversified its core gaming and entertainment business by entering into a sale and purchase agreement for the acquisition of 60% of the issued share capital of Forenzia Enterprises Limited ("Forenzia Enterprises"). Principally engaged in the gaming business in Vanuatu, Forenzia Enterprises has obtained through its wholly-owned subsidiaries an interactive gaming license valid for a period of 15 years in the Republic of Vanuatu. Vanuatu is a popular destination for tourists from Australia, New Zealand, New Caledonia, Europe, North America and Japan. The Group has full confidence in the high potential of Vanuatu as the next gaming hotspot, and is well-poised to benefit from pent-up demand by establishing gaming operations in the Republic.
Contact:
Strategic Financial Relations Limited
Mandy Go (852) 2864 4812 mandy.go@sprg.com.hk
Evonne Xiao (852) 2114 4981 evonne.xiao@sprg.com.hk
Rachel Wong (852) 2864 4873 rachel.wong@sprg.com.hk
Topic: Press release summary
Source: Amax International Holdings Limited
Sectors: Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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