South Shore Holdings, owner of troubled Macau hotel THE 13, has farewelled three directors after James Chiu, Iain Bruce and Professor Lee Chack Fan all stepped down this week.
According to a Tuesday filing, the three directors all resigned to devote more time to personal commitments. Three independent, non-executive new directors have been appointed in their place, namely accountants Clifford Choi Wai Hong and Liu Tsui Fong, and solicitor Flora Lam Yan Fong.
Also on the way out is Joanna Mui Ching Hung, who has resigned as Company Secretary. Mui has been replaced by Chow Mun Yee, an executive director of South Shore since May.
The boardroom changes come as South Shore continues to seek a buyer for THE 13, having seen previous negotiations to offload a 50% stake for HK$750 million (US$96.7 million) fall through.
The company, which reported a loss of HK$429 million for the six months to 30 September,has already missed its self-imposed deadline of 31 March 2021 to complete sale. The sale is seen as an important means of avoiding liquidation after being forced to apply to its bank for a standstill early last year.