Shareholders vote against winding up South Shore

Over 72 per cent voted against a move to wind up the company.

Macau.- More than 72 per cent of shareholders have voted against a petition to wind up South Shore Holdings.

The vote was called by by Global Allocation Fund, which owns 10 per cent of the issued capital in the firm.

It had argued that in light of the company’s poor financial performance the remaining value in the company would be maximised through an independent court-supervised unwinding.

But Global Allocation Fund, with 27.93 per cent of the votes, was the only shareholder to vote in favour of the proposal.

The company’s directors had previously said their preferred solution was to sell the firm’s primary asset, The 13 Hotel in Macau, which they believe could be sold by the end of the financial year in March.

The 13 Hotel was a US$1.4bn project backed by banker Stephen Hung, who promised a Louis XIII-inspired French luxury hotel and casino in Macau.

However, the hotel opened two years ago without a casino and made very little profit. It has been closed since February 2020.

South Shore has taken a hit as a result, announcing a net loss of HK$473.73m (US$61.1m) for the six months that ended on September 30.