Former SJM casino exec Louis Ng sells US$38mln in stock

Aug 18, 2020 Newsdesk Latest News, Macau, Top of the deck  

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A former leading executive at Macau casino operator SJM Holdings Ltd has sold 30 million shares in the firm, for HKD292.5 million (US$37.7 million) in cash.

The sale was reported by the Hong Kong Stock Exchange.

Louis Ng Chi Sing had stepped down on June 10 as chief operating officer (COO) and an executive director of the firm, but retains a non-executive directorship.

Following the transaction on August 12, involving ordinary-class shares at a consideration price of HKD9.75 per unit, Mr Ng still held a long position of just under 120.5 million shares in SJM Holdings. The latter tally represented 2.13 percent of the total shares in the listed corporation.

The August 12 disposal came the day after a recent high point in SJM Holdings’ share price, when it reached HKD10.16 per unit according to Bloomberg data.

That coincided with news on August 11 that Guangdong exit visas for tourist visits to Macau were to resume on August 26, following a suspension during the Covid-19 crisis, with such mainland exit visas returning nationally on September 23.

On March 23, SJM Holdings’ stock had fallen as low as HKD5.90, show Bloomberg data.

Mr Ng had been a member of the executive committee of SJM Holdings’ board since 2009. Until June 10, he had also been COO of Sociedade de Jogos de Macau SA, the group’s unit that holds the Macau gaming licence.

Mr Ng attracted international publicity when it emerged that in 2012 he had purchased in Burgundy, France, a property called the Château de Gevrey-Chambertin, and 2 hectares (5 acres) of vineyard, for a reported US$10 million.

The commune of Gevrey-Chambertin is a famous wine-producing area in France.

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