A member of the family that controls Japanese pachinko hall operator Dynam Japan Holdings Ltd has transferred 1 million of his shares in the company to one of his children.
The move on September 12 by Kiyotaka Sato was “a measure to be prepared for future inheritance,” said the company on Thursday in a filing to the Hong Kong Stock Exchange.
“The company wishes to clarify that the board and the senior management members of the group, including Mr Yoji Sato, Mr Kohei Sato, and other executive officers of the company did not sell or purchase shares of the company in this regard,” added the filing.
Following the exercise, seven named members of the Sato family – including Dynam’s chairman Yoji Sato – have together a 49.28 percent beneficial ownership in the firm. Collectively however, when other interests are added, the family grouping has a 62.18 percent interest in Dynam Japan Holdings, said the document.
Dynam Japan Holdings’ shares were up 2.95 percent at 12.50pm during Thursday trading, at HKD20.95 (US$2.70) per share.
On August 22 Dynam said it planned to extend by a further six months the deadline for concluding talks with Macau casino services firm Macau Legend Development Ltd about possible collaboration on gaming operations in Macau. Dynam has invested approximately US$85 million in Macau Legend, including an initial purchase of US$35-million worth of shares following the latter’s global public offering in Hong Kong in July last year.
In early August, an analyst from Tokyo-based investment advisor Fisco Ltd suggested Dynam Japan might seek to be an investor in a regional casino resort in Japan were such venues to be legalised by the government.
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The Star Entertainment
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