Casino tycoon
Stanley Ho's sister attempts to prevent SJM IPO
Winnie
Ho, the sister of Macau casino tycoon Stanley Ho, has filed a
last minute petition in court to stop the initial public
offering (IPO) of gambling company SJM Holdings. "I want
everyone to know we will launch the initial public offering
according to plan. We will not let anyone stop us," Stanley
Ho said during a meeting with potential investors last week,
when he announced the plans to take his company Sociedade de
Jogos de Macau Holdings (SJM) public in Hong Kong on Thursday.
Stanley Ho was believed to raise $655
million from the shares (later scaled down to just $494
million), but according to Winnie Ho's petition, the IPO of the
gambling company is "contrary to the public interest and the
long-standing policy of the Hong Kong government not to promote
gambling." Following the lawsuit, a Hong Kong court will decide
on Wednesday whether a stock market listing of casino operator
SJM Holdings Ltd can go ahead. According to reports, Winnie Ho
has filed more than 30 lawsuits against her brother in recent
years, most of them in Macau.
Published on
07/08/2008
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