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Jimei control sold

Jack Lam, recently cleared of bribery charges in the Philippines, is now stepping away from control of Jimei International

Casino mogul Jack Lam Yin Lok has sold the control of Jimei International Entertainment Group Ltd. for a total consideration of HK$443.17 million (US$56.99 million/MOP456.46 million) to Cosmic Leader Holdings Limited, according to a filing of the company with the Hong Kong Stock Exchange yesterday.
The sale was completed through Reach Luck International Limited, a controlling shareholder of Jimei prior to the completion of the share sale and purchase agreement, which took place on 7 April, 2017.
Pursuant to the agreement, Cosmic Leader, a company incorporated in the Republic of Seychelles, has acquired 65.04 per cent of the entire issued capital of Jimei International, corresponding to 369,308,914 shares of the company on the day of completion of the agreement.
Immediately prior to the completion, Cosmic Leader already held 8.79 per cent of the entire issued capital of Jimei.
Following the acquisition, the company incorporated in the Seychelles owns nearly 73.83 per cent of the entire issued share capital of Jimei, holding a total of 419,202,914 shares in aggregate.
The consideration payable by Cosmic Leader in respect of the share sale will be fully paid to Reach Luck in two batches. The first batch consideration of HK$222 million – roughly 50.09 per cent of the total consideration of the deal – was satisfied by transfer in cash (in Hong Kong dollars) to the account designated by the vendor upon the completion. The second batch consideration of up to HK$221.17 million – being the balance of the consideration – will be satisfied by the offeror on 5 January, 2018.
According to the filing, Cosmic Leader announced that it intends to maintain the listing of the shares on the Stock Exchange.
Cosmic Leader is ultimately beneficially owned as to 80 per cent by Mr. Yan Xu and 20 per cent by Ms. Chen Hong.
Mr. Yan Xu, aged 48, is the legal representative and has been an executive director of Chengdu Xuhe Property Development Group since July 2006; he is currently the legal representative and an executive director of Sichuan Xuhe Film Company Limited.