Summary by Moomoo AI
AMBO HOLDINGS ANNOUNCED ON 21 MAY 2024 THAT ITS SUBSIDIARY, MACAU ENTERTAINMENT, HAS ENTERED INTO AN UNDERWRITING AGREEMENT WITH ITS CONTROLLING SHAREHOLDER, MACAU ENTERTAINMENT, TO ACQUIRE THE MACAU CENTRE FOR HK$1.66 MILLION. THE PROPERTY WILL BE RENOVATED AND REBUILT TO TRANSFORM INTO A CATERING BUSINESS TO REVITALISE THE NEW ROAD AREA AND FULFIL ITS NON-GAMBLING INVESTMENT COMMITMENTS. THE ACQUISITION CONSTITUTES A CONNECTED TRANSACTION BUT IS EXEMPTED FROM COMPLIANCE WITH THE CIRCULAR AND INDEPENDENT SHAREHOLDER APPROVAL REQUIREMENTS AS THE APPLICABLE PERCENTAGE IS LESS THAN 5%. The acquisition will be paid in cash in three phases and is expected to be completed by 31 March 2025.
