Global Entertainment gambles on Asian investor

A media and entertainment group has pushed forward with its plans to expand its operations in one of the world’s most popular gaming destinations with a seven-figure acquisition.

Global Entertainment Group plc, which has offices in London, Hong Kong, Shanghai and Beijing, has bought Global Gaming Leisure plc, an investor in the Asian gaming industry.

Global Gaming has interests in Macau, an administrative region of China, where Global Entertainment is keen to expand.

Global Entertainment chairman and chief executive Dr Johnny Hon confirmed that this deal would help the group to take advantage of the gaming sector in Macau, one of the most rapidly growing segments of the industry.

The deal was agreed for more than £2 million, which was satisfied through the issue of some 127 million new ordinary shares at 1.6p each. Following the deal, Global Entertainment now has some 424.6 million shares in issue, giving it a market cap of more than £5.8 million.

The acquired company will become part of Global Entertainment’s gaming operations, which currently provides statistical risk management services.

Global Entertainment’s operations also focus on film and television production, cinema operations and artist management.

Global Gaming made a £205,000 profit in the year to January 2008, according to its unaudited accounts.

Marc Barber

Marc Barber

Marc was editor of GrowthBusiness from 2006 to 2010. He specialised in writing about entrepreneurs, private equity and venture capital, mid-market M&A, small caps and high-growth businesses.

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