Emperor (China Concept) Investments Limited (the “Company”) entered into a subscription agreement dated 6 January 2005 between the Company and the Honour State International Limited, which is a wholly owned subsidiary of Sociedade de Jogos de Macau (“SJM”) (“Subscriber”). The Company agreed to allot and issue and the Subscriber agreed to subscribe for 31,950,000 new Shares (“Subscription”) at a price of HK$2.88 per new Share (“Subscription Agreement”). The Subscription Shares will amount to approximately 24.19% of the existing issued share capital of the Company of 132,068,830 Shares and approximately 3.88% of the issued share capital of the Company of 824,362,980 Shares as enlarged by the Subscription and the Rights Issue and approximately 3.44% of the issued share capital of the Company of 928,771,980 Shares as enlarged by the Subscription, the Rights Issue and Golden Princess acquisition on 29 November 2004. The Subscription will be completed upon the completion of the Rights Issue and the approval by the Shareholders in a Shareholders’ meeting of the Company.
The net proceeds from the Subscription will be approximately HK$92 million and the Company intends to apply the net proceeds from Subscription for general working capital of the Group. The Company is looking for investment in hotel-casino projects in Russia. The Company is still conducting its feasibility study on the investment potentials.
The Directors believe that the Subscription is a good opportunity for the Company to broaden its shareholders base and consider the subscription price of the Subscription Shares and the Subscription Agreement are fair and reasonable and in the best interests of the Company and the Shareholders as a whole.
Regarding today’s newspaper articles about Dr. Stanley Ho’s intention to take a 20% shares in the Company, the Company would like to clarify as follows:
The Company and its subsidiaries entered into an agreement to participate in 45% interest to acquire a building in Macau from an independent third party at a consideration of HK$645,000,000 on 3 November 2004 (“the Project”). The property will be converted into a 5-star casino hotel. The Subscriber is one of the strategic partners with approximately 20% interest of the Project.
The Company will resume the trading of its Shares on the Stock Exchange with effect from 9:30 a.m. on 7th January 2005.
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Issued by: Emperor (China Concept) Investments Limited Through: Emperor Group – Public Affairs Department Enquiry: Ms. Christina NgTel: 2835 6787 / 9735 2600Fax: 2893 5327
