Non-payment causes APE to cancel lease agreements

APE said it will write off an estimated HK$26million (US$3.4million) as a result of not being paid by two firms.

Philippines.- Asia Pioneer Entertainment (APE) has said it will cancel lease agreements to casinos in Cambodia and the Philippines due to the non-payment of rent.

APE said it will write off an estimated HK$26million (US$3.4million) as a result of not being paid by two firms.

The company said that the leases related to an agreement with Siam Star Leisure in 2018 for a casino in Cambodia and an additional agreement with GLIMEX Inc which provided electronic gaming machines in the Philippines.

IN a filing with the Hong Kong Stock Exchange, APE said that Siam Star failed to pay lease rental of HK$17million (US$2.2million) and GLIMEX owed HK$9million (US$1.2million).

Under the terms of the contract, the leases could be cancelled without notice.

APE will now insist on the return of the machines and said it will seek out new leases in Macau or other Southeast Asian companies.