Stanley Ho Hits IPO Roadblock

As reported by China Knowledge: "Sociedade de Jogos de Macau (SJM), the gaming flagship of Stanley Ho's conglomerate, has been confronted with difficulties in its listing plans most notably from Ho's sister Winnie Ho.

"The company is now likely to postpone its HK$15 billion listing, planned for this month, to the month of July instead following objections from Winnie Ho.

"The sister of casino magnate Stanley Ho filed a writ on Mar. 22 seeking an injunction against a shareholders meeting of Sociedade de Turismo e Diversoes de Macau (STDM) that approved the listing plans of SJM. STDM owns 80% of SJM and the former's approval is required before the latter can be listed.

"Winnie Ho, who holds a 7.3% stake in STDM, contended that the shareholders meeting was not properly constituted as she, as a shareholder, was banned from attending the meeting and the shareholders registry book was missing…"

2006-06-16