C.Y. Foundation shareholders approve Weike purchase

Shareholders of C.Y. Foundation Group Ltd. voted to approve the company’s HK$69 million ($8.9 million) purchase of Weike (G) Management Macau Ltd. from Poh Po Lian, C.Y.’s controlling shareholder, by a margin of 82.35 percent of shares cast in favor and 17.65 percent against. Hong Kong-listed C.Y. will pay for Weike with convertible notes which would potentially raise Poh’s stake to 52.13 percent from 31.06 percent.

Weike began operating 205 slot machines at the Pharaoh’s Palace Casino in the Macau Landmark Hotel in February under a deal in which it gets 28 percent of the gross gaming income generated by the machines and it is negotiating to service and market slot machines in other Macau casinos. Weike recorded revenue of 1.78 million patacas ($227,000) in the year ended March 31 while posting a 3.67 million pataca net loss.