Lawrence Ho, the Chairman and CEO of Melco Resorts & Entertainment, has transferred a total of 26,440,086 shares in the company into a private trust, describing the transaction as being “part of a generational wealth planning exercise.”
The transfer, revealed via a Form 4 filing with the US Securities and Exchange Commission, includes 16,505,664 directly held shares and 9,934,422 indirect shares held via a corporation. He is left with 8,797,083 direct shares. including unvested restricted shares granted to him under Melco’s 2021 Share Incentive Plan and which will be delivered when they vest.
Ho does, however, also hold another 687,360,906 shares directly through a corporation, ensuring he retains a controlling stake in Melco.
According to the Form 4, this was not a cash transaction but instead involved “a transfer of ordinary shares by gift from the reporting person to an irrevocable, professionally-managed trust as part of a generational wealth planning exercise.”
The 9,934,422 indirect shares gifted were ordinary shares owned by Black Spade Capital Limited, which in turn is held by companies owned by a trust associated with Ho.
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