Sociedade de Jogos de Macau (SJM), Stanley Ho Hung-sun's Macau gaming flagship, is to seek a full listing this year on the Hong Kong stock exchange, according to the company.
While Mr Ho would not give details about the plan, SJM management said the company had excluded the possibility of a partial listing on the grounds it would not attract institutional investors.
A listing is likely to boost the valuation of SJM from its current $30 billion to $60 billion, depending on any potential gaming-related assets to be injected from its parent, Sociedade de Turismo e Diversoes de Macau (STDM), said the source.
SJM, an 80 per cent-held subsidiary of STDM, is one of three gaming licensees granted a concession in 2002. The remaining 20 per cent of the company is co-owned by Mr Ho and senior management including SJM executive director Ambrose So.
Net profits at SJM for last year remained almost the same as in 2004 when the company reported a net profit of 4.04 billion patacas ($3.93 billion).
While Mr So said the company's financial advisers were working out a listing proposal, and any listing would still depend on the agreement of at times fractious minority shareholders, including Winnie Ho, Mr Ho's sister, who has been in a long-running dispute with the company.
'Once we have finalised a listing proposal, minority shareholders should have a say on that,' said Mr So.
