Authorities approve SJM Resorts plan to increase share capital

The Macau government and SJM Holdings have approved SJM Resorts’ major share capital increase.

Macau.- SJM Holdings has confirmed that SJM Resorts’ proposal to issue 7,200,000 additional Type B shares of par value MOP100 each in order to increase its share capital has been approved by shareholders and the government of Macau.

SJM had said it would increase its “Class B” stake from 10 per cent to 15 per cent of SJM Resorts’ issued share capital as Macau’s revised gaming law requires at least 15 per cent of gaming concessionaires’ share capital to be held by “managers” who are permanent residents of Macau.

The new Class B shares will be issued to the managing director of SJM Resorts at par payable in cash in order to maintain that director’s shareholding in the company.

SJM Holdings’ vice-chairman Ambrose So Shu Fai has reduced his stake in the company from 3.31 per cent to 2.79 per cent. The CEO of the company sold an aggregate of 30 million shares in two exercises, dated August 12 and August 15.

The average transaction price per share was HK$2.89 on August 12 and HK$2.90 on August 15. Meanwhile, Daisy Ho Chiu Fung, chairman of SJM Holdings, increased his stake in the company on August 15 from 0.13 per cent to 0.30 per cent for HK$27.78m.