GGRAsia – Capital Group Co cut stake in Wynn Macau, down to 6.87pct

Capital Group Co cut stake in Wynn Macau, down to 6.87pct

Sep 24, 2021 Newsdesk Latest News, Macau, Top of the deck

Capital Group Companies Inc, a Wynn Macau Ltd shareholder, has reduced its stake in the Macau casino operator, for HKD102.5 million (nearly US$13.2 million) gross, according to information disclosed to the Hong Kong Stock Exchange.

The disposal on September 20, involved an aggregate of 17,294,000 shares in Wynn Macau Ltd, with the average per-unit price of the Hong Kong-listed firm’s stock at HKD5.9260, the disclosure record indicated.

As a result, Capital Group’s long position in Wynn Macau Ltd reduced from 7.20 percent, to 6.87 percent.

The Monday exercise marked Capital Group’s third disposal of Wynn Macau Ltd shares since January 21 this year.

Wynn Macau Ltd’s stock value at close of business on Monday, was HKD5.90, the lowest since it was listed on the Hong Kong bourse in 2009.

On September 15, Wynn Macau Ltd saw nearly 29 percent of its stock value lost in a single day, ending at HKD6.40.

The decline coincided with a Macau government announcement the day before, about proposed changes to that city’s legal framework for the casino industry, including that the Macau government would need to approve Macau operators’ dividends, and that the government would use a delegate system to supervise each operator.