Ho moves Shantan complex to STDM
Stanley Ho Hung-sun is shaking up assets in his corporate empire, transferring a 50 per cent ownership in a Macau shopping complex from Shun Tak Holdings to Sociedade de Turismo e Diversoes de Macau (STDM) for $340 million.
STDM is buying Shantan, Shun Tak's wholly owned subsidiary, whose main asset is its half-share in the four-storey Jai-Alai shopping centre in Macau.
STDM is a private company controlled by Mr Ho. It runs Macau's gambling monopoly and already owns the other half of the Jai-Alai complex.
The transaction is deemed as a connected one by the stock exchange and means Mr Ho cannot vote on the deal at a forthcoming meeting of shareholders called to vote on the proposal.
The Jai-Alai shopping centre is a 280,000 square foot commercial development on the Avinda Da Amizade in Macau, complete with public car parks.
Shun Tak said the sale enabled it to enhance its cash position following the acquisition of a 50 per cent interest in CTS Parkview Holdings.
Such opportunities to sell sizeable properties in the small Macau market arose infrequently, it said.
Net profits for Shantan for the year to December 31, 1997, were $41.4 million. Last year's profits are estimated to be about $24.4 million.
