Emperor Entertainment Hotel (0296)'s stock price once rose 15 percent at the opening on Thursday after it announced that it would sell around HK$99.7 million worth of pure gold to Heraeus.
Its share closed around 10 percent higher at HK$0.27.
The 78 pieces of 78-kilogram Swiss 999.9 pure gold were a signature design on the hotel floor inside the Grand Emperor Hotel in Macau, known as the Golden Avenue, in which the company is expecting to gain approximately HK$90.2 million after the sale. Each gold brick is famous for holding a unique number.
The Gold Avenue had, however, disappeared on the evening of January 29. The company later claimed that the removal was the hotel's internal decoration.
The company believes that, given the current high market price of the precious metals, it is a good opportunity to realize and unlock the value whilst saving security and insurance costs related to the precious metals in the future, adding that the net proceeds will strengthen its financing position and invest when more suitable investment opportunities arise.
Gloria Leung
