Major Investor To Join Stars Group Board
The Stars Group which operates the world’s largest online poker platform, PokerStars has now got the second largest investor in the shape of Hong Kong investor Tang Hao through his investment vehicle Discovery Key Investments Limited.
Through 2017 and into this year Hao who is the sole owner of Discovery Key Investments Limited has now accumulated 17.9% of the shares of The Stars Group. Most of the shares from last year were purchased when former CEO of the company when it was known as Amaya David Baazov sold off large chunks of his stake in the company.
It is also understood that Tang Hao through his former investment company was one of two Hong Kong based investors that were at one time supporting Baazov’s attempt at acquiring the online poker giant but failed.
However any thoughts of Hao moving himself for a takeover were squashed with the announcement from The Stars Group with the following statement:
“Mr. Tang will not acquire greater than 20% of the outstanding common shares of The Stars Group prior to the 2020 annual general meeting of shareholders other than by way of a negotiated transaction approved by The Stars Group board of directors or by way of formal takeover bid for all of the outstanding common shares of The Stars Group.”
That puts any possible move off for a couple of years at least, but he has now been able to place an “observer to the Stars Group Board” and it is believed once fully approved will become a full director on the board.
At present it is not known what the motives are for Hao to purchase the shares, whether it be a full blown attempt in the future to acquire a majority share of the company or he just believes the shares are good value.
