In order to clear debt owed to a shareholder that has been carrying the company and two advisers, Amax International Holdings decided to give up some shares. In a statement from last Thursday, the gaming investment company said that it had conducted a share subscription that saw it collect $1.12 million in order to pay off the debts, which total just under $1.12 million.

Amax issued almost 37.2 million subscription shares at a price of $0.0308 each. Part of the money, according to a filing at the end of last month, will be applied to the debt owed to shareholder Wong Kam Wah, who is “supporting the daily operation of the company by providing unsecured interest-free advance.” Wong was owed a total of $318,477 at the time of that filing.

The company also owes money to two companies. It owes Chanceton Capital Partners, a financial services company licensed in Hong Kong, and Skyline Ace Ltd. $414,023 apiece.

Amax used to be one of the most powerful companies in the VIP gambling segment of Macau. It gained its superiority through a separate arm that controlled interests in junket operations. However, its prominence has fallen off in recent times.