The shopping spree is not yet over for Amaya Gaming’s little-known Asian investor.
For the month of July, Hong Kong-based investor Tang Hao picked up an additional 4.2 million shares of Pokerstar’s parent company, Amaya Gaming. Last Tuesday, the investor bought 279,200 shares at an average cost of C$22.36 per share, for a total price of C$6.24 million. This was followed by another 500,000 shares that the investor bought last Monday at an average cost of C$22.25 per share, for a total of C$11.12 million.
This is in addition to the 413,000 shares that Hao Tang bought on July 21 for a total of C$9.17 million; the 495,700 shares bought on July 20 for C$11.13 million; the 189,400 shares bought on July 19 for C$4.16 million; the 400,000 shares bought on July 18 for C$8.72 million; and the 400,000 shares bought on July 17 for C$8.78 million.
The investor also purchased 400,000 shares for C$8.83 million on July 14; another 400,000 shares for C$8.87 million on July 13; 420,000 shares for C$9.35 million on July 12; and 380,000 shares for C$8.45 million on July 11.
Tang Hao initially owns 7.2 million Amaya shares, which it boosted in late March by purchasing 9,105,000 shares at a cost of C$22.40 per share, for a total consideration of just under C$204 million. The investor expanded his stake again in June, when he picked up another 2 million shares of Amaya Gaming.
The investor’s series of purchases follow the recent selloffs by former Amaya CEO David Baazov, who sold 19 million of the company’s shares early this year. Baazov, who stepped down from Amaya last year after being charged with insider trading, was pushed into selling after Amaya’s lenders reworked their debt deal with a clause that effectively precluded him from making further attempts to acquire the company and take it private.
Tao Hang is listed as a top executive of Goldenway Group, which one of the two Hong Kong companies that supported Baazov’s most recent failed attempt to acquire Amaya. The investor previously said that he acquired the shares “for investment purposes.”