Hong Kong-listed company International Entertainment Corp, which announced in January that it was interested in buying a 70% economic stake in Macau junket investor SunCity International Holdings, said in its annual report that the deal had yet to be struck.

"As of the date of preparation of this report, the Company is still in negotiations with the Party on specific terms and conditions for a possible acquisition and definitive agreements made by the Company or its subsidiaries on a possible acquisition with the Party," the report, dated Friday, June 20, said

International Entertainment describes its current main activity as "rental of properties for hotel operations and casino and auxiliary leisure and entertainment operations."

On Jan. 9, the company said it had signed a conditional agreement with potential supplier Suncity International to acquire a 70% economic benefit to the business with Alvin Chowchuk, the supplier's sole real owner. This was to be done through the purchase of a 70% stake in Suncity International, and International Entertainment said it had the right to all net income from its gaming promotion operations by Suncity Gaming Promotions Inc.

In January, the deal was valued at HK$7.35 billion ($948 million), settled in cash and issued in HK$5 each through new shares issuance, representing up to 29% of the equity capital of expanded International Entertainment.

On Friday, the company said at its annual general meeting on Aug. 19 that it would ask shareholders to agree to issue new shares up to 20% of its capital on the day of the general meeting, and to repurchase shares up to 10% of its outstanding shares on that day.

International Entertainment is controlled by the family of Hong Kong billionaire Cheng Yu Tong, a long-term business partner of Stanley Ho Hung Sun. Ho was the founder of Sociedade de Turismoe Diver o ̃ de Macao SA, which had exclusive rights to casino games in Macau for 40 years, and he also founded SJM Holdings Ltd., which is now a Macau casino concession operator.

Cheng Kar-shun, the chairman of International Entertainment, Cheng Karsun, was named in SJM's 2013 annual report as a non-executive director of SJM after his father retired from the board of SJM in May last year. According to the report, Cheng Jr. directly holds 0.05 percent of SJM.

The Cheng family also controls Hong Kong real estate developer and hotel operator Shinsegae Development Ltd. and Chow Tai Phuk Jewelry Group Ltd., the world's largest jewelry chain measured by sales.

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