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Casino tycoon Stanley Ho's sister attempts to prevent SJM IPO

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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