Teem said it will buy Youngrich, which holds a 49 percent stake in Worth Perfect. It said Worth Perfect receives 0.4 percent of rolling turnover of Sat Ieng, a junket operator at Sands Macao's Paiza Club.

Sat Ieng and its owner Phua Wei Seng, who controls 51 percent of Worth Perfect, have made a guarantee that Worth Perfect's profit will be at least HK$400 million in the first two years of operation, it said.

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"We expect that there would be another business growth of Sat Ieng in near term to be derived from operating as junket in two casinos in hotels to be developed in Macau in the future, where one is expected to be completed early next year," said Teem chairman Richard Lum.

Sat Ieng was appointed by Sands Macao as a junket representative on February 23, 2005, Teem said. It is now allowed to run eight tables in one of the rooms in the casino's Paiza Club, it added. Sat Ieng generated rolling turnover of HK$36.5 billion from the Paiza Club for the 12 months ended February, so a 0.4 percent amounted to HK$146 million, Teem said.

Teem will pay a refundable deposit of HK$160 million, HK$134.4 million worth of convertible bonds and a 10-year promissory note of HK$244.6 million. The bonds and note will be sold to Rich Game, a subsidiary of Sat Ieng.

Teem's shares were last traded at HK$1.03 before they were suspended on March 16.