Casino king denies remarks on assets and calls for resumption of stock trading
Casino boss Stanley Ho Hung-sun last night threw down the gauntlet to the stock exchange to allow shares in his Melco International Development to resume trading this morning.
The shares have been suspended since November 12 pending the announcement of a joint venture with Australian tycoon Kerry Packer's Publishing and Broadcasting to invest in casino businesses in Macau and the rest of the region, which Melco released yesterday.
However, the stock exchange then demanded that Mr Ho clarify his contradictory remarks made three weeks ago on the matter of planned asset injections to listed companies before trading in Melco shares could resume.
The requirement for a full explanation of his November 2 comments that prompted aggressive buying in Melco came as the mini-boom in gambling stocks intensified and calls for better regulation of wild trading patterns were made.
Last night, Melco issued a clarification declaring: 'On no occasion has Mr Ho stated whether in answer to questions put to him by the press or otherwise that he plans or intends to inject SJM's (Sociedade de Jogos de Macau) gaming business into the company in order for the company to become his listed gaming flagship.
'For the avoidance of any doubt, and to eliminate further speculation and uncertainty, the company confirms and reiterates that there are currently no negotiations or agreements concerning these matters which are discloseable under the listing rules.'
