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.
