Daisy Ho secures 10% stake in SJM Resorts

Daisy Ho has purchased 300,000 shares for a nominal MOP1.

Macau.- Daisy Ho Chiu Fung, the managing director of SJM Resorts, S.A., has secured 10 per cent stake in the company from Angela Leong On Kei. She paid a nominal MOP1.00 (US$0.12) for 300,000 Type B shares on October 2.

The news comes a week after Daisy Ho replaced Leong to become the official representative of SJM Resorts as the company contends in Macau’s gaming concessions retender.

SJM Resorts’ ordinary shares are divided into two categories, Type A and Type B, representing 90 per cent and 10 per cent equity interests, respectively.

In August, SJM Holdings 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 had 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.