Macau gaming investor Success Universe, which operates peninsula integrated resort Ponte 16 under license from SJM, is set to complete the full acquisition of Canadian travel agency Jade Travel Ltd as it looks to enhance its burgeoning travel business.
Success Universe already holds 75% of Jade Travel but announced on Friday that it has reached an agreement to buy-out the remaining 25% from 1034635 BC Ltd for around HK$8.2 million.
“As mentioned in the interim report of the company for the six months ended 30 June 2018, Jade Travel Ltd. had achieved an encouraging performance with a revenue increase of approximately 76% for the first half of 2018, driven by the substantial growth of the wholesale segment and the stable revenue contributed by the retail segment,” the company said.
“Jade Travel Ltd also continued to work closely with leading regional and international online travel portals, including the most well-known and widely-used portals in the PRC, for the penetration of its broad range of travel products.
“After completion, the croup can consolidate its shareholding control of [Jade Travel] and will have greater flexibility in formulating business strategy for Jade Travel Ltd which will help to improve the value of the travel business of the group.”
Success Universe recently announced a profit of HK$14.2 million for the first half of the year – a considerable improvement on a loss of HK$23.3 million recorded in the same period in 2017.
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