Paradise Entertainment Repurchases Some Shares

Paradise Entertainment, the parent company of casino equipment maker LT Game Ltd, confirmed in a filing to the Hong Kong Stock Exchange on Friday that it repurchased 6,536,000 shares in the market on September 30 at prices ranging from HK$2.87 per share (US$0.37) to HK$2.90 per share.

Related shares account for approximately 0.61% of the company's total outstanding shares.

As of that date, the stock has not yet been canceled, and as of September 30, the company's total outstanding shares were 1,063,981,315, according to the filing.

In a statement accompanying the filing, Jay Chun, Chairman and Managing Director of Paradise Entertainment, said: "...the Company is able to return over HK$19 million in capital to its shareholders while maintaining sufficient liquidity to pursue and utilize future opportunities."

Chen, the majority shareholder of Paradise Entertainment, personally purchased a total of 1,140,000 shares in the market "at an average price of around HK$3.39 per share" during September 2014, according to the filing.

After the transaction, Chun held 630,836,720 shares of Paradise as of September 30, representing approximately 59.29% of the outstanding shares.

In August, Paradise Entertainment announced it had signed a three-year strategic partnership agreement with U.S.-based casino technology supplier International Game Technology (IGT). 홀짝게임

"Following our recent partnership with IGT, a global gaming entertainment leader with sales of more than $2 billion, 50,000 machines deployed annually and 376 gaming licenses worldwide, Paradise is well positioned to expand its global presence and capture tremendous business opportunities, especially in the United States, the world's largest electronic gaming market," Paradise Entertainment added.