SJM Makes
IPO Move
As reported by the China Standard:
"Stanley Ho's Sociedade de Jogos de Macau
(SJM) has invited investment banks to submit
proposals for an initial public offering of
up to HK$7.8 billion in Hong Kong, said sources
familiar with the situation.
"SJM,
the largest casino operator in Macau, sent out
a request for proposals Monday, but any listing
is 'still a long way away' and not likely until
the second half of next year, a source said.
"The
share sale, tentatively set to raise HK$5.85
billion to HK$7.8 billion, requires the blessing
of the Macau government. KWah Construction Materials
received Macau's approval in January for its
HK$18.4 billion acquisition of another firm
with a gaming concession, Galaxy Casino.
"SJM,
which runs 16 casinos in Macau, reported about
HK$34.2 billion in gambling profit in 2004,
up 23 percent from a year earlier. Sources said
SJM could be valued at about HK$39 billion.
"Hong
Kong requires listed companies to have at least
25 percent of their shares in public hands.
In SJM's case that would require an IPO of HK$9.75
billion. The smaller HK$7.8 billion target suggests
SJM is less likely to list the entire company
than to hive off a set of its assets for sale.
SJM is 80 percent controlled by Ho's Sociedade
de Turismo e Diversoes de Macau (STDM). Shun
Tak Holdings, his ferry services to property
group, holds another 12.6 percent…"
|
