STDM’s loan is for a fixed period of six years from the date of drawdown, with a 4 per cent annual interest rate.<\/p>\n\n\n\n\n\n\n\n
Macau.-\u00a0SJM Holdings Limited<\/strong>\u00a0has announced through a company filing that Sociedade de Turismo e Divers\u00f5es de Macau, S.A. (STDM), its controlling shareholder, had agreed to extend an unsecured term loan of HK$2bn (US$254.8m).<\/p>\n\n\n\n The loan is for a fixed period of six years from the date of drawdown with interest at 4 per cent per annum.\u00a0\u00a0Upon receiving the loan, STDM will facilitate SJM Holdings to pre-qualify for the\u00a0Macau Government’s tender process<\/a>\u00a0for a 10-year gaming concession beginning in 2023.\u00a0\u00a0<\/p>\n\n\n\n The commission tasked to oversee Macau\u2019s gaming concession retender has announced that the period for submitting bids will run until 5.45pm Macau time on September 14. <\/p>\n\n\n\n Under the executive order, companies must submit some required eligibility documents and\u00a0pay a minimum deposit of MOP10m (US$1.2m)<\/strong>. Casino operators must have a registered capital of at least MOP5bn while their licences are valid.<\/p>\n\n\n\n SJM Holdings has launched\u00a0a rights issue<\/strong>\u00a0by which it proposes to raise net proceeds of up to approximately HK$2,936.6m based on one rights share for every four existing shares held on August 29 at a subscription price of HK$2.08 per rights share and assuming no share options under the company\u2019s employee share option scheme are exercised.\u00a0<\/p>\n\n\n\n Daisy Ho Chiu Fung<\/strong>, chairman of SJM Holdings, stated: “Both the Loan and the Rights Issue bolster the Company\u2019s balance sheet position and liquidity and will place SJM Resorts in a strong position to participate in the tender for new Macau gaming concessions later this year.<\/p>\n\n\n\n “STDM\u2019s strong backing of the Rights Issue and provision of the Loan demonstrates STDM\u2019s and the Company\u2019s confidence in the long-term growth potential of Macau notwithstanding the current difficult operating conditions.”<\/p>\n\n\n\n