As part of the capital increase, SJM Resorts is increasing the portion of its ‘Type B’ shares from 10 percent to 15 percent. Macau’s amended gaming law requires that at least “15 percent” of the gaming concession entity’s share capital has to be held by a “managing director” who is a Macau permanent resident.
According to a document filed by the group, Ho bought the 300,000 shares for a nominal MOP1 on 2 October, accounting for 10% of the entity’s issued share capital. The transfer of shareholding came about a week after Ho replaced Leong to become the official representative of SJM Resorts as the group is contending for the city’s gaming concessions.
The move is also seen as a response to a new rule under Macau’s new gaming law, which stipulates that a managing director of a gaming concessionaire must hold 15% of its capital stock, up from a previous 10 per cent.
