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Mysterious Asian Investor Buying Up Amaya Stock
There seems to be no end in sight to the intrigue surrounding the Canadian based Amaya Gaming Corporation.
Former CEO David Baazov is once again back in the headlines for some peculiar, if not downright strange, goings on having to do with his shares in the company.
And this time, it has to do with a mysterious Asian investor named Tang Hao.
Baazov Forced To Sell Off Shares
Baazov was the CEO of Amaya when it made its huge acquisition of the PokerStars brand. PokerStars is the largest online poker room in the world, and speculation ran rampant as to the Baazov-led Amaya’s plan for the asset:
However, those plans were never fully realized. Baazov was charged with violating insider trading laws shortly thereafter, forcing him to step down as CEO. Although there were rumors that he would try to take Amaya private again, he was eventually also forced into selling off his stake entirely.
Following that episode, the leadership replacing him had the company’s debt instruments reworked, making it more or less impossible for him to purchase enough shares to ever take the company private.
Tang Hao Had Supported Baazov; Goes on Buying Spree
The fact that Amaya’s new leadership went out of their way to prevent an attempted Baazov re-takeover is what makes the recent activity of Tang Hao so interesting.
Hao is an executive at the Goldenway Group, and to say he has been on a buying spree of Amaya stock would be a bit of an understatement. He has steadily acquired more and more shares of Amaya over the course of the last few months. Most recently, he added more than 4 million new shares to several other seven figure share purchases he has made throughout July.
Hao’s Intentions Unclear
What makes this activity so interesting is that Goldenway supported Baazov’s privatization scheme. While there is no way of knowing what Hao’s intentions are, the coincidence of an investor who supported Baazov’s vision for Amaya slowly acquiring chunks of stock definitely has raised a few curious eyebrows.
It’s believed that the shares being purchased can be largely traced back to Baazov’s selloff requirement. And if an investor who supported Baazov’s privatization scheme buys his stake, what does that mean for the future of Amaya?
Does Baazov have any role behind the scenes? Right now, there are more questions that answers. But, as they say, where there is smoke there is fire. Stay tuned.