Sands China is the second company to announce a capital restructuring to fulfil new gaming concession requirements.
Macau.- Sands China has announced that it will restructure the share capital of its subsidiary in Macau after it won a new 10-year gaming concession in Macau’s casino concession retender. Under the terms of the new agreement, the share capital of Sands China’s royalty-retaining subsidiary Venetian Macau Limited (VML) will increase by MOP4.8bn (US$596m) to MOP5bn (US$621m).
Sun Minqi, general manager of the company, will own 15 per cent of the franchise company’s share capital. Sands China will subscribe for shares by allotting 40.7m Class A shares to its two subsidiaries, Venetian Venture Development Intermediate Ltd and Venetian Concession Holding Ltd, at a subscription price of MOP4.07bn (US$506m).
The company will also allot 7.3m Class B shares to Sun Minqi at a subscription price of MOP730m
As a result, the company will indirectly hold all Class A shares, representing 85 per cent of the voting rights and 100 per cent of economic rights in VML, and Sun will hold all Class B shares, representing 15 per cent of the voting rights and de minimis economic rights in VML.
VML will remain a subsidiary of the company through the company’s control of 85 per cent of the voting rights.
Wynn Macau has announced a capital restructuring into Wynn Resorts (Macau) SA. It will increase its casino subsidiary’s registered capital from MOP200.1m to MOP5bn (US$621m).