SJM Resorts managing director Daisy Ho has acquired a 10% stake in the company after assuming Angela Leong’s former role amid management changes – a move seen as a response to the city’s biggest gaming overhaul.
A document filed by the group states Ho bought the 300,000 shares for a nominal MOP1 on October 2, accounting for 10% of the entity’s issued share capital.
According to the new law, the managing directors of gaming operators are required to hold 15% of its capital stock, 5% more than the previous amount.
“Ms. Ho and [lawmaker] Leong entered into an agreement to transfer the ownership of all Type B shares [300,000] in SJM Resorts to Ms. Ho from Leong for consideration of MOP1 for compliance with the requirement,” the gaming operator said in a statement.
Late last month, the company announced Ho would replace Leong, the group’s managing director since 2011.
The move comes after incumbent gaming operators submitted bids on or before September 14, seeking to secure a fresh gaming concession slated to operate from January 1, 2023.
The company registry, which the Times reviewed, states Leong was re-appointed to the position on May 27, 2022, which means she is SJM’s official representative.
Her appointment, which is valid for three years until a general assembly convenes in 2025, was terminated following a decision made by the company on August 24, 2022, and filed with the official commercial registry on September 26.
