Part of the proceeds would be used to fund a $500 million acquisition of the 407-room Grandview Hotel in Taipa and an attached casino from Mr Ho and his associates, they said.

Brokers broadly viewed Medtech as the latest in a string of companies riding the fervour for Macau concept stocks.

'As long as the party is on, it would be dumb not to take advantage,' Fulbright Securities general manager Francis Lun Sheung-nim said. 'When the party is over, no one will be picking up the tab.'

The sale price of Medtech's placement represented a 10.52 per cent discount to the last closing price of 38 cents on Thursday.

The stock was suspended from trade yesterday, pending a statement on the placement.

It has gained 46.15 per cent since the hotel acquisition was announced on November 24.

It is understood that about 50 per cent of the proceeds, or about $250 million, would be earmarked for funding the acquisition.

To reflect its diversification, Medtech will be renamed Golden Resorts Group.

Meanwhile, Melco International Development, an entertainment and financial services provider controlled by Mr Ho's son Lawrence Ho Yau-lung, said it would tighten its grip on gaming solution specialist Elixir.

Melco paid $120,730 for turning Elixir into a wholly owned subsidiary by buying the remaining 12.5 per cent interest in the company it did not hold.

'This would enable the company to fully consolidate the results, assets and liabilities of Elixir and to gain complete operational and administrative control of Elixir, which in turn, will facilitate future expansion of Elixir's business,' Lawrence Ho said.