SJM Holdings Limited Shareholders Agree On Collaboration Agreement

SJM Holdings Limited and the parent company of Sociedade de Turismoe Diversoes de Macao SA (STDM) are said to have signed an agreement designed to help clarify the long-term future of the two companies.

The deal appears to have been agreed between the Henry Falk Foundation and 56-year-old businessman Pansi Ho Chiu King (pictured) to make the best efforts to exercise their respective powers and rights as shareholders, directors and corporate directors of SJM Holdings Limited and STDM.

SJM Holdings Limited was sparked by the retirement of 97-year-old Stanley Ho Heung-sung, founder and then chairman of the casino giant. The reorganization unexpectedly gave Daisy Ho Chi-wu-Feng, the daughter of Bigenerian, the leader of the company behind 19 Macau casinos, and her older sister, Fancy, took control of one of the company's largest shareholders, Sun Tak Holdings Limited, a Hong Kong-listed shipping and real estate conglomerate.

15.7% stake in SJM Holdings Limited is held by Fancy, while another 10.6% stake in rival casino operator MGM China Holdings Limited. The Hong Kong-based Henry Fok Foundation is said to hold about 26.5% of SJM Holdings Limited, giving the three-person block about 53% control.

The agreement signed by Cardboard and the Henry Fok Foundation also promises to submit a "joint proposal" for the selection of STDM board members before the end of March and appoint a new chairman and managing director. Although it did not specifically mention the names of the candidates, the agreement reportedly declared that the two sides would be committed to achieving "effective and good governance" along with "promoting good corporate governance practices in management functions and structures." 릴게임

SJM is in charge of some of Macau's most iconic casinos, including Casino Grand Lisboa and the new Emperor's Palace Casino, and GGRAsia added that the latest agreement is seen as an attempt to isolate Angela Long On-Kei, who is currently co-chairman of the company with the man behind the Henry Fok Tun-Ting. Stanley Ho Hung-sung's fourth wife, 57-year-old Stanley Ho Hung-sung, reportedly owns about 8.6% of the company's stock and is behind a campaign to oust Pansy from the operating board.