Lawrence Ho transfers 26.44 million Melco Resorts shares to irrevocable trust
Melco Resorts chairman and CEO has transferred 26.44 million shares to an irrevocable trust as part of a generational wealth-planning exercise, while retaining majority control of the casino operator.
Hong Kong.- Lawrence Ho, chairman and CEO of Melco Resorts & Entertainment, has transferred 26.44 million ordinary shares in the casino operator to an irrevocable, professionally managed trust as part of a “generational wealth planning exercise.” The transfer, completed on September 16, involved 16.51 million shares held directly by Ho and 9.93 million shares held through Black Spade Capital.
The shares, equivalent to approximately 2.2 per cent of Melco Resorts’ outstanding stock, were transferred as a gift with no consideration. Following the transaction, Ho’s reported beneficial ownership in Melco Resorts fell from 58.5 per cent to 56.3 per cent, although his majority control of the company remains unchanged. Melco Leisure and Entertainment Group, a wholly owned subsidiary of Melco International Development, continues to hold 687.36 million shares, or 56.3 per cent of Melco Resorts.
Ho is also deemed to hold approximately 61.4 per cent of Melco International, the parent company of Melco Resorts, through direct holdings, associated companies and trusts. The filings did not identify the trustee, beneficiaries or jurisdiction of the newly established trust.
