SJM Holdings Limited shareholders agree Alliance deal

Some of the very best stakeholders in Macau casino operator SJM Holdings Limited and its own Sociedade de Turismo e Diversoes de Macau SA (STDM) parent have reportedly inked an accord designed help describe the long-term future of both enterprises.

Stakeholders hint:

Based on a Thursday report by GGRAsia, the arrangement has seen that the Henry Fok Foundation and 56-year-old businesswoman, Pansy Ho Chiu-King (pictured), concur ‘to utilize their best efforts to exercise their respective powers and rights as shareholders, directors [and] corporate managers ’ of SJM Holdings Limited and STDM.

Boardroom bemusement:

The information source reported that the agreement comes in the aftermath of June’s management reshuffle in SJM Holdings Limited which has been precipitated from the retirement of this giant casino company ’s creator and then-Chairman, 97-year-old, Stanley Ho Hung-Sung. This reorganization saw the nonagenarian’s daughter, Daisy Ho Chiu-Fung, unexpectedly been the leader of this firm supporting 19 Macau casinos while her elder sister, Pansy, has been given control over among their operator’s biggest stakeholders, Hong Kong-listed transport and property conglomerate Shun Tak Holdings Limited.

Majority curiosity:

This latter firm holds approximately 15.7percent of the shares in SJM Holdings Limited while Pansy controls a further 10.6percent as well as possessing a substantial interest in rival casino operator MGM China Holdings Limited. For its part, Hong Kong-centered Henry Fok Foundation is purportedly responsible for a shareholding at SJM Holdings Limited of about 26.5percent to give the three-member bloc a controlling interest of approximately 53%.

Elections coming:

GGRAsia further noted that the deal signed by Pansy along with the Henry Fok Foundation also devotes the pair to introducing ‘a common proposal for the election of’ STDM board members prior to the end of March as well as the naming of a new Chairman and Managing Director for the firm. Although it didn’t specifically mention that the names of any possible candidates, the pact purportedly did announce that both parties are dedicated to attaining ‘effective and decent government ’ in addition to ‘the promotion of good corporate governance practices including in regard to its administration function and structure.

Reputed isolation attempt:

SJM is accountable for some of Macau’s most iconic casinos including the Casino Grand Lisboa and also the more recent Emperor Palace Casino while GGRAsia added that the recent arrangement is being seen as an attempt to isolate Angela Leong On-Kei, who now serves as the company ’s Co-Chairman along with the guy behind the Henry Fok Foundation, Timothy Fok Tsun-Ting. The fourth wife of Stanley Ho Hung-Sung, the 57-year-old purportedly controls around 8.6percent of the company’s shares and is rumored to be supporting a campaign that is trying to oust Pansy in the operator’s board.