SJM CEO reduces stake to 2.79%

Ambrose So Shu Fai, vice-chairman and chief executive of SJM Holdings Ltd., has earned approximately HK$86.99m (US$11.1m) from the sale of stocks in the company.

Macau.- SJM Holdings’ vice-chairman Ambrose So Shu Fai has reduced his stake in the company from 3.31 per cent to 2.79 per cent. The CEO of the company sold an aggregate of 30 million shares in two exercises, dated August 12 and August 15.

The average transaction price per share was HK$2.89 on August 12 and HK$2.90 on August 15. Meanwhile, Daisy Ho Chiu Fung, chairman of SJM Holdings, increased his stake in the company on August 15 from 0.13 per cent to 0.30 per cent for HK$27.78m.

SJM Resorts has increased its share capital by nearly 1,567 per cent to MOP5.0bn (US$618.4m) to be able to qualify for the upcoming gaming concession retender in Macau. Casino operators must have a registered capital of at least MOP5bn while their licences are valid.

SJM Holdings’ parent company also said that it would increase its “Class B” stake from 10 per cent to 15 per cent of SJM Resorts’ issued share capital as Macau’s revised gaming law requires at least 15 per cent of gaming concessionaires’ share capital to be held by “managers” who are permanent residents of Macau.

Currently, SJM Resorts has a registered capital of MOP300m, consisting of 2,700,000 Class A shares (90 per cent of the issued share capital) and 300,000 Class B shares (10 per cent) of MOP100 each.