Hong Kong IPO of Sociedad de Jogos de Macau’s postponed

Written on May 23, 2006 by admin

HONG KONG (AFX) - Sociedad de Turismo Diversoes de Macau (STDM) will postpone until July the start of the 15 bln hkd initial public offering (IPO) here of its gaming flagship, Sociedad de Jogos de Macau, the South China Morning Post reported.

The newspaper cited unidentified market sources as saying that STDM, which is controlled by Stanley Ho, is also reviewing plans to inject all the gaming unit's 16 casinos into a Hong Kong vehicle, 20 pct of which will be sold to the public.

The IPO will be delayed by a month because of court proceedings concerning the legitimacy of the offering, the Morning Post said.

Ho's estranged sister, Winnie Ho, challenged STDM's decision to proceed with the IPO after her representatives were barred from attending a meeting of shareholders in March that approved the offering, the newspaper said.