Amax to Sell its Mobile Games Apps Business to Galaxy World

Amax International Holdings Ltd, the Hong Kong based investment holding company, has agreed to sell its Mobile Games Apps business to Galaxy World Co. Ltd, the Cambodia based casino operator. Amax will sell the Mobile Games Apps for a total consideration of HK$30 million with the group stating it does not expect to record any gain or loss on the disposal.

“After reviewing business performance of the Group’s existing business segments, the company considered focusing more resources on the Group’s gaming businesses and IT Solutions Business. On the other hand, the Group is sourcing funds to proceed with the cash flow requirement under the settlement deed dated 29 December 2017,” Amax explained about the reasons for the transaction.

“Therefore, the company is of the view that the disposal will strengthen the Group’s cash position to (i) meet the cash flow requirement under the settlement deed when materialized; (ii) retain resources to develop the Group’s gaming businesses and IT Solutions Business; and (iii) for general working capital to maintain daily operation of the Group,” Amax added.

Amax currently operates 13 VIP baccarat tables at a casino in Poipet, Cambodia, and is providing pre-opening services for a new casino project in Sihanoukville. It also holds an interactive gaming license in Vanuatu.