SJM SAYS IT HAS SIGNED A $25 MILLION DEAL TO STDM UNIT FOR BULK TRAVEL
Macau casino operator SJM Holdings Ltd. has announced two separate agreements to acquire a subsidiary of its parent company Sociedade de Turismoe River de Macao SA (STDM). The total amount is HK$197.5 million ($25.3 million).
"The two strategic acquisitions are aimed at strengthening culinary leadership and strengthening our public market presence," the casino company said in the Macau market.
"These acquisitions are part of SJM's strategy to diversify its out-of-game services, leverage culinary expertise, and build a portfolio of top-class experience restaurants under the Lisboa umbrella," the company said in a press release on Tuesday.
The first deal will be the acquisition of Campique Community Centre (pictured) from STDM, a property located in Avenida de Almeida Ribeiro near the city's historic centre.
SJM Holdings said it acquired the property "with payments consisting of three stages, all financed through internal resources," taking into account a total of HK$166 million.
According to the announcement, the three-story building will be "reformed and redeveloped into a large-scale food and beverage hotspot serving as a cooking anchor at one end" of Avenida de Almeida Ribeiro, while SJM Holdings' real estate Grand Lisboa and hotel Lisboa are "on the other end."
Casino Concession Iyer expects the acquisition of Campique Community Center to "create synergies" with the group's properties in the peninsula and "encourages repeat visits to attract foot traffic and a wider customer base, as well as drive broader base growth."
The second transaction involves an STDM division developing a new restaurant at Grand Lisboa Palace, SJM Holdings' Kotai casino complex.
STDM and its affiliate Panda Sociedade de Gestango de Investmentos Lda have agreed to sell their entire stake in two companies that manage and operate food and beverage services to SJM-linked companies, totaling just over HK$31.5 million.
The total consideration was calculated based on the unaudited net assets of the target companies, NYH European Fine Cuising Co., NYH Italian Fine Cuising Co., Ltd., and the book value of the borrowings borrowed by Panda companies as of January 31. SJM said the remaining HK$48,544 of the total consideration would be satisfied with cash.
This information is in SJM Holdings' filing with the Hong Kong Stock Exchange on Tuesday.
Purchasing companies are SJM – Investment Ltd. and SJM – F&B Services Ltd.
"Deputies believe that the signing of transfer and settlement agreements benefits the Company and its shareholders as a whole, in line with SJM's commitment to non-game investments," the SJM Holdings disclosure said.
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