GGRAsia – Pansy Ho sells 2.45mln shares in MGM Resorts for US$79mln

Pansy Ho sells 2.45mln shares in MGM Resorts for US$79mln

Dec 17, 2019 Newsdesk Latest News, Macau, Top of the deck

Pansy Ho Chiu King, co-chairperson and executive director of Hong Kong-listed MGM China Holdings Ltd, has sold nearly 2.45 million shares in the firm’s U.S.-based parent MGM Resorts International since late November.

Ms Ho (pictured in a file photo) grossed an aggregate of just above US$78.9 million from the exercise, conducted in tranches between November 26 and December 12, according to records filed to the Hong Kong bourse.

Prior to November 26, Ms Ho held a stake of 2.20 percent in MGM Resorts. Her stake had been reduced to 1.78 percent by December 12, a disclosure record showed.

The average sale price per MGM Resorts share was approximately US$32.12.

The businesswoman had sold in early November a total of 4.5 million shares in MGM Resorts, for an aggregate of US$140.2 million. At the time, Ms Ho said the sale was a “restructuring” of her personal financial portfolio.

She added in comments to reporters shortly after that sale: “It is only just a restructuring of my own financial portfolio. But this is only representing a very small proportion of the holdings that I have [in MGM Resorts]. I will continue to hold on to the remaining [shares].”

Ms Ho became a substantial shareholder in MGM Resorts as part of a 2016 deal with the firm. The exercise allowed the U.S.-based casino operator to increase its stake in MGM China to 56 percent, while Ms Ho reduced her stake in the Macau-based casino operator from 27.44 percent to 22.49 percent.

At the time, it was announced Ms Ho had separately entered into an agreement to acquire 4 million MGM Resorts shares at US$25.00 per share from Tracinda Corp, a vehicle founded by the late Kirk Kerkorian, who was a long-term MGM Resorts investor.

The 2016 deal with MGM Resorts and the acquisition of the Tracinda shares gave Ms Ho access to a 4.8-percent stake in MGM Resorts, it was announced at the time.

Prior to the most recent sales, Ms Ho made a major disposal of MGM Resorts shares in November last year. At the time, she sold more than 11.06 million units of stock in the company, reducing her shareholding from 5.16 percent to 3.06 percent, according to records available in the official website of the Hong Kong Stock Exchange.