Amax International Holdings Limited’s officials recently revealed that the company has a plan which would see it changing its name. According to this plan, the Asia-based entertainment and casino company will be re-named to Century Entertainment International Holdings Limited. The Hong Kong-listed company used its official press release to reveal more details regarding its planned rebranding which will allow the company to refresh its corporate image as well as its identity.
With this plan, the company’s officials also hope that the rebranding plan will also allow the company to be able to better comply with the company’s interest including its shareholders’ interest as well as to more appropriately serve its customers. Amax International Holdings Limited mainly engages in the investment in entertainment and gaming businesses in addition to being positioned for luxurious entertainment and leisure consumption.
As expected, the company is primarily active in the Asian regions where it proactively works on identifying all sorts of gaming-related opportunities with the main goal of diversifying its line of business and successfully expanding its income sources. In some time in the near future, the company hopes to expand beyond Asia. One way of doing so is changing the company’s both Chinese and English names.
Conditions and Effects of the Proposed Rebranding
The recently proposed rebranding plan for Amex International Holdings Limited is subject to several conditions. First of all, the rebranding plan alongside all of its resolutions has to be passed to the company’s shareholders which have to approve the company’s name change at a special meeting. Another condition is that the approval of the company’s name change has to be granted by several subsidiary companies.
Once these two major conditions are checked, the company plans on carrying out all of the necessary, required procedures with the main registry companies located in Hong Kong. When it comes to the effects of the proposed name change, once the proposed resolution becomes active, all of the company’s existing certificated with its current name remain legal evidence to the shares, so they are valid for all sorts of registration, settlement and trading purposes.
Moreover, the resolution will not affect the shareholders’ rights in any way. The company does not plan on arranging any name changing for its already existing share certificates which will bear its new name. Once the resolution becomes active, all of the share certificates will be issued with the new company’s name while the company will also trade on the stock market with its new name.
Overwhelming Debt
Before this news, the Amex International Holdings Limited disposed around 24.8% remaining stake in a facility that was previously operated by Macau’s Greek Mythology Casino. This facility is now shuttered. As reported by GGRAsia, the previous year was many things except kind to the Amax International Holdings Limited which recorded a massive net loss of around $53.3 million for the period of twelve months until the end of March 2019.
This is a major loss for the company that is now facing seriously rising debt. Its net loss of around $533 million has significantly risen when compared to the company’s previous deficit which amounted to around $6.7 million. Commenting on this, the company’s officials agreed that the biggest reason behind these devastating numbers is the disposal of the company’s stakes in the company which is behind the now-shuttered Greek Mythology Casino.
