Cyber On-Air Group has become the latest company to jump on the Macau bandwagon, announcing it will pay as much as $1.21 billion to buy hotel and casino operations in the Philippines and Macau from its parent, Chow Tai Fook Enterprises. The Growth Enterprise Market company's shares surged 541.7 per cent yesterday to close at $12 on the news. The content services provider hopes to leverage on the relationship with its ultimate controlling shareholder, Cheng Yu-tung, with Stanley Ho Hung-sun's Sociedade de Turismo e Diversoes de Macau (STDM), in which Mr Cheng holds a 14 per cent stake. 'Given the shareholding relationship between Mr Cheng and STDM, chances are that New World, through its listed vehicles such as New World Properties or Cyber On-Air, can operate a gaming sub-concession,' one fund manager said. Chow Tai Fook, which owns New World Development, is closely held by Mr Cheng's family. Cyber On-Air will exchange $400 million in convertible bonds and $450 million in cash - to be raised in a rights issue - for a 51 per cent stake in a holding company that owns 73 per cent of the Hyatt Hotel and Casino in Manila. The company will also have an option to pay $363.2 million for a 40 per cent interest in a Macau company.