HONG KONG, June 30, 2022 /PRNewswire/ -- Infinity Entertainment Group Limited ("IEG", or "the Buyer"), an exempted company incorporated in the Cayman Islands with limited liability is the investment holding company for entertainment and F&B businesses of LC Capital Group, which is headquartered in Hong Kong, announced today that it has entered into a binding term sheet with Mr. Gilbert Yeung and associates ("the Sellers") to acquire an equity stake in dragon-i, Cassio as well as Tazmania Ballroom. Each of the businesses are iconic to Hong Kong's nightlife scene with dragon-i being an institution in the industry and Cassio recently having undergone a major refurbishment led by famed interior designers Cedrive and Nicholas Hervet. The target companies are incorporated under the laws of Hong Kong ("the Targets").
The completion of acquisition will take place in stages, 9 months after the date of signing a Sale and Purchase Agreement ("SPA") in relation to the Targets. The Parties expect that the SPA will be prepared and executed at the end of July 2022 or such other date as may be agreed between the Parties. Upon completion, the group will represent a new strategic alliance in the nightlife and clubbing industry.
(From left to right) Mr Jonathan Cheng, Group Chief Executive Officer and Managing Director of LC Capital Group and Mr Gilbert Yeung, owner of the Targets witnessed the binding term sheet signing ceremony.
Mr Jonathan Cheng, Group Chief Executive Officer and Managing Director of LC Capital Group, said, "We are excited to take the next step forward with dragon-i, Cassio and Tazmania Ballroom. This demonstrates IEG's capability, innovation and prowess as leading Hong Kong's entertainment and F&B beacon, which also underpins our commitment to strategic expansion in Hong Kong. I am confident that this synergy will strengthen our entertainment portfolios and operations, to shake up Hong Kong's nightlife industry."
Mr Gilbert Yeung, owner of the Targets shared the same positive sentiments remarking, "This marks a new chapter which will continue to see the same successes for the businesses and for IEG's current but expanding portfolio. Working together with IEG, I am confident that the pandemic and its effects will soon be a thing of the past and together, we'll be able to forge an alliance unlike anything Hong Kong's entertainment industry has seen before."
About Infinity Entertainment Group Limited
Infinity Entertainment Group Limited is one of the fastest growing entertainment and F&B groups in Hong Kong. IEG owns and operates TELLUS Lounge, Hong Kong's first reservation-only exclusive champagne and cocktail lounge, C45, a 2-story multifaceted nightclub, in Lan Kwai Fong, and Sushi Yonjugo, a tranquil top-of-the-league 9-seater omakase restaurant, and Ministry of Mussels, a casual sports bar in California Tower, Lan Kwai Fong. IEG has set its sights on becoming the next redefined entertainment and F&B beacon in Hong Kong, and eventually, the Asia Pacific. IEG is also a substantial shareholder, holding approximately 16% equity interest in Luk Hing Entertainment Group Holdings Limited (stock code: 8052) a GEM-listed company of the Stock Exchange of Hong Kong.
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Source: LC Capital Group Limited