Supplier News
China – MGM increases stake in MGM China
By Phil - 7 September 2016
MGM Resorts has bought 188,100,000 ordinary shares of its subsidiary MGM China Holdings from Grand Paradise Macau, an entity controlled by Ms. Pansy Ho.
As a result of the transaction, the Company owns approximately 56 per cent of MGM China’s outstanding common shares and Ms. Ho owns approximately 22.5 per cent.
“Our increased stake in MGM China and enhanced relationship with Pansy both reinforce our belief in the long term prospects ofMacau and the future success of MGM China, in which Pansy remains a significant shareholder and collaborative partner,” said Jim Murren, Chairman and Chief Executive Officer of the Company. “We remain focused on our strategic goals and believe we have taken another step to further position our Company to generate sustainable value to our shareholders.”
As consideration for the MGM China shares, the company issued to Grand Paradise ‘ subsidiary Expert Angels Limited 7,060,492 shares of its common stock and paid consideration of $100m. It also agreed to pay Grand Paradise a deferred cash payment of $50m.
