Ho to inject slot machine business into melco
Gambling magnate Stanley Ho Hung-sun and his family say they plan to inject their slot machine business into financial service group Melco International in a move which will float part of their lucrative Macau gambling empire. Mr Ho, his son Lawrence Ho Yau-lung and other independent third parties have agreed to sell 80 per cent of Mocha Group to Lawrence Ho's listed-flagship Melco for $398 million. Mocha's 65 slot machines generated $2.3 million in net profit between September 12 and the end of last year.
Road king to acquire 45pc stake in highway venture
Toll road operator Road King Infrastructure has agreed to spend between 760 million yuan and 800 million yuan on a 45 per cent stake in a highway joint venture with the investment arm of Hebei province's transport authorities. The joint venture with Hebei Highway Development Centre will manage and collect toll fees from a 58.2km section of highway between Tangshan and Tianjin.
Asia financial posts 363pc increase in net earnings
Strong investment returns from its insurance unit and significant writebacks on loan provisions helped financial conglomerate Asia Financial Holdings record a 363.9 per cent increase in net profit to $203 million last year. The net profit of its insurance business grew 283 per cent to $124 million, while earnings for Asia Commercial Bank, its banking arm, soared 69.5 per cent to $56 million.
