According to documents filed by SJM Resorts, Angela Leong – who was previously listed as Managing Director of the Macau concession holder – has completed the transfer of her 10% nominal shareholding to newly appointed Managing Director Daisy Ho for a nominal fee of MOP$1.
SJM revealed this week that Leong transferred 300,000 Class B shares in SJM to Ho on 2 October, representing 10% of the entity’s issued share capital. This follows the recent news that Ho has been appointed by SJM Resorts as its new Managing Director as part of its efforts to comply with a directive under Macau’s new gaming law that all concessionaires must appoint a Macau local as Managing Director and that they must hold 15% of the concession-holding entity.
The 15% holding differs, however, from shares in the listed parent, SJM Holdings Ltd.
“Given the Type B shares held by the managing director of SJM Resorts have restricted rights and only entitle the holder of the Type B shares to a nominal amount of dividend payable, the Company has been and will continue to be effectively entitled to 100% economic interest in SJM Resorts, the changes in shareholders and board composition of SJM Resorts therefore are not expected to have any material financial impact on the Group,” SJM Holdings said in a filing.
In order to meet this requirement under Macau’s new Gaming Law, SJM Holdings amended its articles of association in August to reduce its 90% shareholding in SJM Resorts Limited to 85%, and released 5% of its shares to its new Managing Director.
The appointment of Ho has also been approved by the Chief Executive of Macau and her management authority in the company has been expanded. She is now SJM Resorts’ official permanent representative, responsible for all official business dealings between SJM or any of its subsidiaries and the Macau government.
Daisy Ho’s sister, Pansy Ho, was recently named Managing Director of MGM China’s concession holding entity, MGM Grand Paradise.