Success Universe already owned 75% of Jade Travel, but it decided to go after the whole company. According to an announcement by the Macau gaming investor, it is in the process of completing a purchase for the remaining 25% in a deal that is reportedly worth $1.04 million.
The company operates the integrated resort Ponte 16 under a license from SJM. However, it is looking to expand into the travel industry and has made arrangements with 1034635 BC Ltd., who owns the last quarter of Jade, to buy it out.
The company indicated, “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.
“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.”
Jade Travel was originally founded in 1976. It is based in Canada and specializes in travel to Asia and the Middle East.
Success saw an impressive first half of 2018. It reported a profit of $1.81 million for the period, which was a substantial increase over the $2.97 million hit it took during the first half of last year. It had also seen a drop in revenue for all of 2016, including a 563% decrease in the first half. This makes the first-half figures for 2018 a substantial improvement.
This past June, the chairman and executive director of Success, Sonny Yeung Hoi Sing, announced that he was increasing his stake in the company. He previously owned 52.10%, but was prepared to bump it up to 71.52%. He will now control virtually all of Success, as well as Jade.
