Stanley Ho has given most of his stake in the parent company of his casino empire, SJM Holdings Ltd., to family members,
Bloomberg News reported.
The 89-year-old billionaire was released from the hospital in March after a seven-month stay that included two operations, the report noted.
Ho gave up a 31.7 percent stake in Sociedade de Turismo e Diversoes de Macau to two companies owned by members of his family, according to a statement from SJM, Asia’s largest casino operator. He “no longer has an attributable interest” in STDM, as the parent is known, the statement said.
The 31.7% stake in STDM will be held by Lanceford Co. Action Winner Holdings Ltd. — owned by Ho’s third wife, Chan Un-chan — will hold a 50.55% stake in Lanceford. Ranillo Investment Ltd. — owned by Ho’s children Pansy, Daisy, Maisy, Josie and Lawrence — will have 49.45% of Lanceford, the Bloomberg article said.
Ho now owns 100 shares of SJM, which owns 56% of STDM, according to Bloomberg. An analyst told Bloomberg that Ho’s effective stake in SJM is less than 2%.
Ho last month transferred his 7.7% stake in SJM to companion Angela Leong, mother of his five youngest children. Shun Tak Holdings Ltd., a property developer that also operates ferries between Hong Kong and Macau, on Dec. 2 said Ho cut his direct ownership in the company in favor of two holding companies in which his children have stakes.
(Source: Bloomberg, Jan. 24, 2011.)
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