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China – Pansy Ho and Timothy Fok take control of SJM

By - 24 January 2019

Pansy Ho, co-chair of MGM China, and the Henry Fok Foundation have bought more shares in Macau operator Sociedade de Turismo e Diversões de Macau (the controlling shareholder of SJM Holdings) giving them a 53 per cent, majority control in the company founded by her father; Stanley Ho.

The deal done via Ms Ho’s Shun Tak Holdings will give her greater control over the structure of SJM’s management team, which has long been subject to ownership issues from Mr. Ho’s many children and former wives. SJM was initially founded in 1962 by by Mr. Ho and Henry Fok.

Bernstein Analyst Vitaly Umansky believes SJM has struggled with corporate governance issues in recent years. 

“The hope that the Pansy Ho/Fok alliance can change the direction of SJM is just that at this stage – ‘hope’. There remain strong embedded influences in the SJM organization that leave us sceptical that real solid changes can manifest in the near to medium term,” he said. 

Mr Ho, 97, retired from the company in 2018 with Daisy Ho, the full sibling of Pansy Ho, taking over as Chairman and Executive Director. Timothy Fok, son of Henry Fok, and Mr Ho’s fourth wife, Angela Leong, serve as co-chairs and executive directors. 

The Fok Foundation holds 26.5 per cent. Pansy Ho and her sisters and brother hold 26.4 per cent. New World Group owns ten per cent whilst Ms Leong owns eight per cent.

In its last financial figures, SJM generated revenues of HK$8,328m, for its third quarter, an increase of 9.5 per cent from
Q3 2017, and for the nine months ended 30 September 2018, Net Gaming Revenue was HK$25,171m, an increase of 9.6 per cent from the first nine months of 2017.

December 2018 saw SJM’s Grand Lisboa Hotel honoured, once again, for Robuchon au Dôme, The Eight and The Kitchen to receive recognition from the prestigious Michelin awards this year. Grand Lisboa is pleased to remain as Macau’s leading dining destination with seven Michelin Stars – all under one hotel roof. This year also marks the 11th consecutive year since both Robuchon au Dôme and The Eight were first honoured by the Michelin Guide Hong Kong & Macau in its inaugural 2009 edition.

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