Las Vegas Sands raises Sands China stake
Las Vegas Sands acquired 1.62 million additional Sands China shares, reducing the Macau operator’s public float.
Hong Kong.- Las Vegas Sands has increased its stake in Sands China, acquiring 1.62 million shares through Venetian Venture Development Intermediate II (VVDI II), its indirect subsidiary. The purchase increases LVS’ holding from 74.8 to 75.01 per cent, reducing the public float below Hong Kong’s standard 25 per cent requirement.
Sands says it will use an alternative listing requirement for at least 10 per cent of shares to be publicly held provided the public float is worth at least HK$1bn. It said this will gives it greater flexibility for future capital management transactions.
Of the more than 8.09 billion shares issued, LVS now holds more than 6.07 billion. The publicly held shares are currently worth around HK$30.6bn (US$3.93bn).
