Dr Ambrose So Shu Fai, the Vice Chairman, Executive Director and CEO of SJM Holdings, reported to the Hong Kong Stock Exchange (HKEX) that he recently sold a combined 30.02 million shares in the company, cashing out for a total of HK$87 million (US$11.1 million).
According to information from the HKEX, Dr So sold 1.26 million at HK$2.89 on 12 August and another 28.76 million shares at HK$2.90 on 15 August. In doing so his stake in SJM fell from 3.29% to 2.79%.
While Dr So was busy reducing his holdings, SJM Chairman Daisy Ho Chiu Fung was increasing hers – purchasing 9.58 million shares on 15 August at a price of HK$2.90 per share, or HK$27.8 million (US$3.5 million) in total. In doing so her shareholding increased to around 0.3%.
SJM, which reported a US$352 million loss for the first six months of 2022, recently announced it will raise almost HK$5 billion (US$637 million) in equity via a term loan and a rights issue to satisfy a key requirement under Macau’s new gaming law by which all concessionaires must have MOP$5 billion in share capital set aside to pre-qualify for the government’s re-tender process.
“Both the Loan and the rights Issue bolster the company’s 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,” Ms Ho said at the time.
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