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K. Wah Shareholders Approve Galaxy Deal

19 July 2005

HONG KONG – As reported by Bloomberg: "Shareholders of K. Wah Construction Materials and its parent company, K. Wah International Holdings, approved plans Tuesday to buy Galaxy Casino in Macao with shares and other securities, in a deal valued at 18.4 billion Hong Kong dollars.

"Lui Che-woo, the Hong Kong-based businessman who controls both K. Wah Construction and Galaxy, announced plans in April to turn the construction company into Hong Kong's first publicly traded casino operator.

"K. Wah Construction, two-thirds owned by K. Wah International, plans to pay Galaxy shareholders led by the Lui family with new stock and debt securities worth the equivalent of $2.4 billion.

"Galaxy holds one of three existing casino licenses in Macao, the world's biggest gambling hub after Las Vegas and the only place in China where casinos are legal. The deal will allow Lui to take his casino public without an initial share sale, as he competes with Stanley Ho, Las Vegas Sands and Wynn Resorts…"

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