Success Universe subsidiary reduces position in Tesla

Success Universe Group has announced that Better Talent has sold some of its shares in the car maker.

Hong Kong.- Success Universe Group has announced that its subsidiary, Better Talent (BTL), has sold 19,500 shares in Tesla for HK$64.7m (US$8.3m) excluding transaction costs. It had previously sold 23,500 shares for HK$76.6m (US$9.8m). The two sales reduce its position from 96,750 to 73,250 shares.

Success Universe said the proceeds from the disposals will be used as general working capital and/or to repay borrowings. It said directors consider the disposals “fair and reasonable and in the interests of the company and the shareholders as a whole.”

The sales are expected to add a gain of HK$30.8m for the financial year ending December 31, 2024. For the first half of the year, Success Universe posted a net loss of HK$35.5m (US$4.6m). That compares with an unaudited consolidated profit of HK$153.8m (US$19.7m) for the corresponding period last year.

Success Universe is a partner in Ponte 16 casino resort complex alongside a subsidiary of Macau casino operator SJM Holdings. In November, the venue was allowed to expand its non-gaming facilities to add a commercial building, plaza, and a ship named Macau Palace. The name was previously associated with a floating casino previously operated by SJM Holdings, which has a stake in Ponte 16 and provides its gaming licence