MGM China’s Chairperson and Executive Director Pansy Ho Chiu King has disposed of her entire interest in parent company MGM Resorts International via a series of transactions undertaken since late May.
According to filings with the Hong Kong Stock Exchange, Ho offloaded her existing 1.20% stake across five transactions between 28 May and 3 June for a total consideration of US$140.1 million. This comprised the sale of 3,066,157 shares for between US$42.40 and US$50.24 per share.
Ho had previously held a 4.8% stake in MGM Resorts as part of a share-swap and strategic restructuring of the partnership with MGM China.
In comments provided to IAG, MGM China said, “The stake was part of the personal investment portfolio of Ms Pansy Ho since 2011. Portions of the stake were sold over the years for her own investment and treasury management reasons. Shares were liquidated last week when prices and volumes were conducive.”
This latest disposal comes in the wake of news that People Inc, which owns 26.1% of MGM Resorts’ common stock, has submitted a non-binding proposal to acquire all outstanding shares that it does not already own in the company. In response, MGM has stated it will “carefully review and consider the proposal to determine the course of action that it believes is in the best interests of the company and all of its shareholders.”
MGM Resorts holds a controlling 55.95% interest in MGM China, of which Ho controls 22.49%.
