Amax raising $2 million through share sale

Amax Holdings Ltd. announced a three-way deal under which it stands to raise a net HK$9.3 million ($2 million). Ng Man-sun, chairman and chief executive, is to sell 11 million of his Amax shares through SBI E2-Capital to at least six investors, described as independent third parties, for 86 cents a share, and then the company will sell Ng 11 million new shares at the same price. The shares closed at HK$1 in the session before the announcement. Amax has a pending deal to buy a majority interest in a private company owned by Ng which is investing in casino hotels in Vanuatu and Northern Cyprus.