Chow brothers move two properties into NZAX shell company
Well known businessmen the Chow brothers have begun transferring their property empire into a publicly listed company.
In early November John and Michael Chow launched a reverse takeover bid for NZAX listed shell company RIS Group.
The brothers, who have made an estimated $75 million fortune from brothels, hotels and commercial property deals, manage an 18-strong property portfolio valued at more than $200m which includes The Mermaid strip club and Capital Market food court in Wellington.
RIS Group has an agreement to purchase a company owning two accommodation properties from trusts associated with the Chow brothers.
RIS chairman Roger Bennett has yet to respond to questions about the company name and property details.
READ MORE: * Chow brothers buy listed company RIS Group
In a statement to the NZX Bennett said it was hoped approvals to buy the properties would be completed by Monday but the holiday season had delayed the process.
An extension until Friday had been granted to obtain the approvals needed for RIS to issue its notice of shareholders meeting to approve the agreement.
If approvals were received by Friday a shareholders meeting would be held on February 17 and, if approved, settlement was expected on February 26.