Casino operator Greek Mythology is considering the distribution of a special dividend for the year to March, a move that could push its majority shareholder, A-Max Holdings, into the black for the first time since 2004.
At a special general meeting yesterday, A-Max's minority shareholders approved the previously reported acquisition of another 30 per cent stake from Greek Mythology's founder, Ng Man-sun, raising A-Max's stake from 19.9 per cent to 49.9 per cent in the casino firm.
Michael Chan King-ming, chairman of A-Max and vice-chairman of Greek Mythology, expects the special dividend to be distributed within two months in proportion to the 19.9 per cent the company owned before yesterday's meeting.
Mr Ng, who owned 60.1 per cent of Greek Mythology, will receive new A-Max shares worth $601.9 million and 10-year promissory notes worth $1.45 billion.
Upon completion of the share sale, Mr Ng will become the largest single shareholder in A-Max, raising his stake to 29.8 per cent from 9.68 per cent.
Greek Mythology earned $318 million last year, according to company information, while A-Max lost $10.63 million in 2004 and $18.32 million in its financial year to March last year.
This would be the second time that Greek Mythology paid a dividend to its shareholders, after handing out $1.94 million in April last year.
