Pansy
The control of the gambling giant Macau Tourism and Entertainment and its subsidiary SJM (880) has changed, with the "second house" eldest daughter He Chaoqiong, as the eldest daughter of the "second house", signing an agreement with Shun Tak (242) and the family fund founded by the late businessman Fok Ying Tung to jointly own more than 53% of the shares of S&G, and will jointly decide on the appointment of the chairman and board members of SJM and SJM, so that Ho Chaoqiong and the Fok family can fully control SJM and SJM, so that she can exert greater influence and improve the governance and operation of the Group. As the agreement does not mention SJM Co-Chairman and Executive Director "Fourth Wife" Anqi Leung, its status has become unclear and it is feared that it will be unstable.
Shun Tak Group (242), chaired by Ho Chao Qiong, announced that several shareholders of Ao Yue signed an agreement to jointly advance and retreat in various areas of control of Ao Yu. The shareholders include Fok Ying Tung Foundation, which holds 26.576% of the shares of Ao Entertainment; Lanceford, which holds 10.538% of the shares, which is owned by Ho Chao-chung and his siblings; as for Interdragon, which holds 10.796% of the shares, the company is 60% owned by Shun Tak and the remaining 40% is held by Ao Entertainment; Shun Tak owns 4.985% of the shares of Ao Entertainment, and Ho Chao-qiong himself directly holds 0.117% of the shares.
In other words, the camp led by He Chaoqiong, together with huo's fund, holds more than 53% of the shares of Ao Entertainment, and Ao Entertainment holds about 54% of the equity of SJM, and has full control of the entire kingdom.
Jointly decide on the appointment of the Chairman's Directors
According to the circular, the shareholders of AOG who signed the agreement agreed to work together in a number of ways, including seeking to renew the gaming license of its subsidiary SJM and maintaining the majority shareholder of SJM as a majority shareholder holding more than 50% of SJM's shares. As for the voting of the members of the board of directors of AG, the shareholders who signed the agreement will submit a joint nomination proposal and decide on the appointment of the chairman and managing director of AO ENTERTAINMENT together. In terms of SJM, the above-mentioned shareholders of SJM also agreed to jointly advance and submit the same nomination proposal when voting on the members of the SJM Board of Directors.
The agreement does not include Anqi Leung, the "fourth wife" who holds 8.62% of SJM, nor does it include "third wife" Chen Wanzhen, nor does it mention the two. Angela Leung is currently co-chairman and executive director of SJM, with real management authority, and she also holds approximately 6.8% of the shares of SJM, and Chen Wanzhen is also an executive director of SJM. The future status of the "Fourth Wife" at SJM has become uncertain and she is afraid that it will be unstable, and when asked by the media about the possibility of being isolated this time, she only said: "No response."
It is known that the Central Committee has been informed of this arrangement.
The agreement does not include the "Four Tai"
Each shareholder who has signed the agreement has the same opportunity to participate in the operation and management of the Australian Entertainment Group. As for the reasons for the signing of the Agreement by the various shareholders, the Circular states that AoYu was founded by Stanley Ho, Fok Ying Tung and a number of other parties, and since the early 1990s, Stanley Ho and Fok Ying Tung jointly held more than 50% of the shares of Ao Yue, and by the early 2000s, Fok Ying Tung had transferred his shares in Ao Yu to the Fok Foundation, and Ho hung sun and Fok Fund had been discussing AO ENTERTAINMENT affairs, including the composition of the board of directors, business objectives and even the listing of SJM Holdings on the Stock Exchange. Ho's interests in Ao Yue were restructured in 2011, but this approach has not changed.
As the agreement does not involve the buying and selling of shares in AGAD or SJM Holdings, there is no monetary consideration involved.
Huo Zhengting
Angela Liang