Some of the top stakeholders in Macau casino operator SJM Holdings Limited and its Sociedade de Turismo e Diversoes de Macau SA (STDM) parent have reportedly inked an accord designed help clarify the long-term future of both enterprises.
Stakeholders sign:
According to a Thursday report from GGRAsia, the deal has seen the Henry Fok Foundation and 56-year-old businesswoman, Pansy Ho Chiu-King (pictured), agree ‘to use their best efforts to exercise their respective powers and rights as shareholders, directors [and] corporate directors’ of SJM Holdings Limited and STDM.
Boardroom bemusement:
The news source reported that the agreement comes in the wake of June’s management reshuffle at SJM Holdings Limited that was precipitated by the retirement of the giant casino firm’s founder and then-Chairman, 97-year-old, Stanley Ho Hung-Sung. That reorganization saw the nonagenarian’s daughter, Daisy Ho Chiu-Fung, unexpectedly become the leader of the firm behind 19 Macau casinos while her elder sister, Pansy, was given control over one of the operator’s largest stakeholders, Hong Kong-listed shipping and property conglomerate Shun Tak Holdings Limited.
Majority interest:
This latter firm holds approximately 15.7% of the shares in SJM Holdings Limited while Pansy controls a further 10.6% in addition to owning a significant interest in rival casino operator MGM China Holdings Limited. For its part, Hong Kong-headquartered Henry Fok Foundation is purportedly responsible for a shareholding in SJM Holdings Limited of around 26.5% to give the three-member bloc a controlling interest of about 53%.
Elections forthcoming:
GGRAsia further reported that the deal signed by Pansy and the Henry Fok Foundation also commits the pair to presenting ‘a common proposal for the election of’ STDM board members before the end of March as well as the naming of a new Chairman and Managing Director for the firm. Although it did not specifically mention the names of any possible candidates, the pact purportedly did declare that both parties are dedicated to attaining ‘effective and good governance’ in addition to ‘the promotion of good corporate governance practices including with respect to its management function and structure.’
Reputed isolation effort:
SJM is responsible for some of Macau’s most iconic casinos including the Casino Grand Lisboa and the newer Emperor Palace Casino while GGRAsia added that the recent agreement is being seen as an attempt to isolate Angela Leong On-Kei, who currently serves as the firm’s Co-Chairman alongside the man behind the Henry Fok Foundation, Timothy Fok Tsun-Ting. The fourth wife of Stanley Ho Hung-Sung, the 57-year-old purportedly controls around 8.6% of the company’s shares and is rumored to be behind a campaign that is seeking to oust Pansy from the operator’s board.