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SJM Resorts increases share capital to MOP$5 billion and local Managing director shareholding to 15% to comply with retendering process

Andrew W Scott by Andrew W Scott
Wed 10 Aug 2022 at 07:06
Macau entry restrictions placing Grand Lisboa Palace opening date in limbo: Angela Leong

SJM Resorts' Managing Director, Angela Leong.

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Macau casino concessionaire SJM Resorts has announced various changes to its Articles of Association including increasing its share capital from MOP$300 million to MOP$5.0 billion and increasing its non-voting “Type B” shares, held by its so-called “Managing Director”, from 10% to 15% of issued capital. The Managing Director of SJM Resorts is Angela Leong, who is also Co-Chairman and an Executive Director of listed parent company SJM Holdings.

The proposed changes will be voted upon at an extraordinary general meeting of the company to be held on Friday 26 August 2022.

The company said the changes, announced in an overnight filing with the Hong Kong stock exchange by SJM Holdings, were made “in order to be able to qualify for applying for the new gaming concession.”

The filing also formally confirms SJM’s participation in the ongoing casino concessionaire retendering process being conducted by the Macau government, stating, “The board of directors of the company hereby announces that the Company’s principal subsidiary, SJM Resorts, S.A., is applying to the Macau Government for a 10-year gaming concession commencing on 1 January 2023 and is participating in a tender process commenced by the Macau Government.”

The company further explained, “Currently, SJM Resorts has a registered capital of MOP300 million comprising 2,700,000 Type A shares (representing 90% of the issued share capital) and 300,000 Type B shares (representing 10% of the issued share capital) of MOP100 each. In order to be able to qualify for applying for the new gaming concession, SJM Resorts is required to increase its issued share capital by MOP4.7 billion to MOP5.0 billion and increase the portion of its Type B shares from 10% to 15% of the issued share capital.”

The share issuance is required to be approved by a special 75% majority vote. Type B shares, which are issued to the company’s “Managing Director” solely for the purpose of maintaining compliance with the Macau gaming law, do not have voting rights.

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Andrew W Scott

Andrew W Scott

Born in Australia, Andrew is a gaming industry expert and media publisher, commentator and journalist who moved to Hong Kong in 2005 and then Macau in 2009, when he founded O MEDIA, one of Macau’s largest media companies, former and parent company of Inside Asian Gaming (IAG). Both O MEDIA and IAG were merged with US-based gaming media brand CDC Gaming on 1 January 2025, under new corporate parent Complete Media Group (CMG).

Andrew was appointed CEO of Complete Media Group upon the merger. CMG is now the parent of three gaming media brands: Inside Asian Gaming (focusing on land-based gaming in the Asia-Pacific region), CDC Gaming (focusing on land-based gaming in the Americas), and Complete iGaming (focusing on online gaming in the Americas and APAC).

Andrew continues to be Vice Chairman and CEO of IAG and now-sister company O MEDIA.

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