Macau Success LTD Sells Partial Stake In Ponte 16
This extremely convoluted deal involves a number of holding companies of both Macau Success and SBI Macau Holdings, including one with the comical and truly insightful name Favor Jumbo Limited. Favor Jumbo LTD has sold 4.55% of Golden Sun Profits LTD (a subsidiary of Favor Jumbo, which is a subsidiary of Macau Success for HK$92.5M and assumed Golden Sun's debt of HK$37.5M for a grand total of HK$130M (+/- US$18.5M).
SBI gets 4.55% of Golden Sun's 44% stake in the Ponte 16, approximately 9.7% of the total operation, which gives it a valuation in the neighborhood of HK$1.4B (+/- US$200M).
SBI Holdings Inc, is a real estate developer, investment consultant, import/export operator, and venture capitalist based in Japan.
Before the deal the ownership percentages for Ponte 16 were 51% SJM, 44% Macau Success, 5% Maruhan - a pachinko operator in Japan.
Make sense? Read the press release for more.