SJM makes first changes after Stanley Ho’s death

The company Board's annual meeting was held today.
The company Board's annual meeting was held today.

Daisy Ho Chiu Fung was elected chairman and executive director of the company at the annual board meeting.

Hong Kong.- SJM Holdings Limited has made its first leadership changes after the death of legendary founder, Stanley Ho.

At its annual board meeting, Daisy Ho Chiu Fung was elected chairman and executive director of the company, replacing veteran casino executive Louis Ng Chi Sing, who was also chief operating officer (COO).

He has been re-designated as a non-executive Director of the company, leaving the executive committee from June 10.

Mr. Ng Chi Sing is 68 years old and has over 40 years of experience in the casino industry. He has been a member of the SJM board’s executive committee since 2009, and COO of subsidiary Sociedade de Jogos de Macau, S.A since 2002. He has now been appointed as an adviser.

He also still holds 2.09 per cent of existing issued shares of the holding and has rights to subscribe another 0.56 per cent, although the company said Mr. Ng had no interest in shares.

The firm said: “Covered under Mr. Ng’s letter of appointment, he is entitled to receive from the Company an annual director’s fee allowance totaling HK$650,000 (on pro-rata basis) in 2020, as well as a monthly advisory fee covered under a letter of appointment and an allowance totalling HK$330,000 for his role as adviser of SJMSA.”

Shareholders at the annual meeting accepted the proposed financial statements and reports for the year ending December 31. A final dividend of HK22 cents per ordinary share was declared.

Timothy Fok Tsun Ting, Angela Leong On Kei and So Shu Fai were re-elected as executive directors.

After the meeting SJM vice chairman and CEO Ambrose So Shu Fai recognised turnover for the year so far was only 10 per cent that of the same period last year.

He said the outlook for casinos was “not optimistic” for this year, but that he was confident “the worst has passed,” Macau Business reported.

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