Las Vegas Sands will purchase HK$1.95bn in shares.
Macau.- Las Vegas Sands is to increase its shareholding in Sands China by purchasing HK$1.95bn ($249.6m) in shares. On Tuesday, the company said in a Hong Kong Stock Exchange filing that it will purchase an additional 1.19 per cent of the total issued shares for HK$20.20 per share.
The purchase will take place on December 5 via Venetian Venture Development Intermediated II. Las Vegas Sands currently holds a 70 per cent stake in Sands China.
In a note from JP Morgan Securities, analyst DS Kim described the share purchase as “meaningfully positive for Sands China”.
“The news signals strong confidence or commitment from management, which is something that is needed to stabilise (frustratingly) bearish investment sentiment of late,” he wrote.