Stephen Hung, hitherto the high-profile prime mover behind the troubled The 13 hotel in Coloane has resigned as joint chairman and executive director of The 13 Holdings Limited, according to a statement by the company to the Hong Kong Stock Exchange last week.
The statement said that Hung ceased to be a member of the nomination committee and finance and investment committee of the company, as well as chairman of its executive committee, with effect from Thursday last week.
According to the statement, the company was informed that on Thursday last week, Pride Wisdom Group Limited, which holds 82,477,999 shares in The 13 Holdings, representing about 8.96 percent of its total issued share capital, entered into a sale and purchase agreement (SPA) in relation to the sale of the entire issued share capital of Circle Swing Limited to Rally Praise Limited, a company wholly owned by Tom Lau Ko-yuen.
The statement said that Pride Wisdom will transfer 82,288,999 shares in The 13 Holdings to Circle Swing Limited prior to completion of the SPA.
The statement underlined that Lau is now the deputy chairman and executive director of The 13 Holdings, adding that the completion of the SPA was expected to take place after The 13 Holdings’ special general meeting slated to be held on February 9 concerning, among other things, the company’s capital reorganisation, change in board lot size and rights issue – as set out in a circular by the company dated January 24.
The statement said that as of Thursday last week, the executive directors of The 13 Holdings are Peter Lee Coker, Jr. as chairman, Tom Lau as deputy chairman and Walter Craig Power as CEO.
The 13 Holdings had announced on Wednesday last week that the opening day of The 13 hotel has once again been delayed, this time from March 31 to April 30 “or before”.
The Wednesday statement said that more time was needed to prepare for the opening and due diligence matters involving Greater China Appraisal Limited.
The statement also said the hotel would open with or without a casino on its premises, reaffirming that the company intended to ask for the government’s authorisation for running gaming facilities in the hotel.
The 13 Holdings insisted its intention of having a casino at The 13 remained, although it admitted that it was “uncertain” whether the government would allow the opening of a gaming facility on its hotel premises.
The company, incorporated in Bermuda, is understood at have been in talks with at least one of Macau’s six gaming operators about opening a casino at The 13.
The 13 Holdings has reportedly faced a slew of financial issues over the past few years. The opening of The 13 has been repeatedly postponed since last year.
The company describes The 13 hotel as “Your gateway to the refined and remarkable. Through our gates you will find some of the world’s most coveted luxury.”
