Amax International Holdings Limited planning to change its name

Asian casino and entertainment company Amax International Holdings Limited has reportedly announced a plan to change its name to Century Entertainment International Holdings Limited.

According to a report from GGRAsia, the Hong Kong-listed company stated on an official file that the proposed renaming will allow it to update the company’s image and identity to better describe the group’s version and better serve the company’s interests and its shareholders as a whole.

Stakeholder sanction:

In March, Amax Internationa reportedly sold its remaining 24.8% stake in a company that had previously operated Macau’s currently-closed Greek Mythology Casino, and the documents filed on Monday also indicated that the desired name change would not materialize until after approval the shareholders about an upcoming special officially becomes annual general meeting.

Rising debt:

GGRAsia reported that the previous year did not help Amax Int’l as it had a net loss of approximately $ 53.32 million in the twelve months to the end of March, compared to a deficit for the previous comparable period of just over 6.73 Million USD. However, the company allegedly incurred most of its recent deficit at a cost of approximately $ 45.09 million in connection with the sale of its stake in the nearly 160,000 square foot Greek Mythology Casino.

Perfunctory payment:

Amax reportedly sold its stake in the casino operating company Greek Mythology (Macao) Entertainment Group Corporation Limited to the local real estate investment and advisory firm Fu Po International Limited for a small fee. This happened after the closure of the house of the Beijing Imperial Palace Hotel in 2016 amid a series of long-standing disputes between two former business partners.

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