MGM China refutes rumors of Pansy Ho share sales

The Chairperson and Executive Director of MGM China, Pansy Ho, has refuted reports that she intends to sell her 22.5% stake in the company after putting 380 million shares into the Central Clearing and Settlement System (CCASS) of the Hong Kong Exchange.

As CCASS shares may be bought and sold more quickly through banks or securities dealers, this move stoked market rumors that Ho was thinking about selling her stake.

In response, MGM China said that she had no plans to sell her stake and that the deposit had been made in accordance with a contract between Ho and her custodian banks. The approximate value of the 380 million shares is HK$3.63 billion, or US$466 million.

Even though MGM China reported third-quarter net sales of US$813 million, 10% more than pre-COVID levels, the company’s share price is still below the HK$16.42 five-year peak reached in March 2019.

Original story by: IAG