Angela Leong Image by AFP via @daylife
Angela Leong On Kei has emerged with a 12% stake in SJM Holdings, the Hong Kong-listed company that controls the largest share of Macau’s gambling market.
According to a filing with the Hong Kong stock exchange, the fourth wife of Stanley Ho gained a 6% interest in Sociedade de Turismo e Diversoes de Macau (STDM), the parent company that holds 56% of SJM’s shares. She already had an 8% stake in SJM before the transfer.
Leong was featured on the Forbes World’s Billionaire list with a fortune valued at $1.1 billion. After the transfer, her wealth has now jumped to at least $1.7 billion.
Ho had been ranked as the 13th richest person in Hong Kong with a net worth valued at $3.1 billion, but a serious accident two years ago prompted the 89-year-old to begin dividing his assets among his sprawling family. Ho has 17 children from four different women widely acknowledged to be his wives.
Several members of that family have emerged from Ho’s considerable shadow to build casino empires of their own. The eldest daughter from his second wife, Pansy Ho, has a joint venture partnership with Kirk Kerkorian’s MGM Resorts International that operates the MGM Macau, while her brother Lawrence co-chairs Melco Crown Entertainment with the Australian billionaire James Packer.
Ho’s stake in STDM has been reduced to only 0.12%. The remaining 25% is controlled by his third wife, Ina Chan Un Chan, and the children of his second wife, Lucina Laam King-ying: Pansy, Daisy, Maisy, Josie and Lawrence.
The statement released late Thursday adds more detail to a private agreement reached by the Ho family in early March over control of the former billionaire’s assets. The family had been waging a bitter feud that led to a flurry of conflicting statements and two lawsuits that were subsequently withdrawn.
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