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Hong Kong-listed Massive Resources International Corp Ltd said it has entered into a non-binding provisional agreement to acquire 80 percent of the profits derived by Ocean Star Entertainment Co Ltd from its gaming promotion business in Macao, for not less than HK$230 million.

The company's statement did not disclose other details of the agreement, or what it involves.

It only said the profit that Massive Resources proposes to acquire represents about 0.4 percent of the gaming turnover that Ocean Star Entertainment generates at the VIP club or casino which it operates at Grand Waldo Hotel in Macao.

Massive Resources said no formal agreement has been reached and discussions between the two parties are still at a preliminary stage.

(US$1 = HK$7.8)