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SJM Holdings' (00880) gaming concession extended
15 Mar 2019
(Infocast News) On 15 March 2019, a Concession Extension Contract has been executed between the Macau Government and Sociedade de Jogos de Macau, S.A. (SJMSA), a subsidiary of SJM Holdings (00880), pursuant to which the gaming concession of SJMSA, which is due to expire on 31 March 2020, would be extended for a further period up to 26 June 2022 which coincides with the expiry date of other concessionaires so that all the original gaming concessions will expire at the same time.

SJMSA shall pay the Macau Government MOP200 million (HK$194 million) upon signing of the Concession Extension Contract as contract premium for such extension.

In addition, SJMSA has agreed to participate in the Non-mandatory Central Provident Fund under Macau Law No. 7/2017 within three months from the date of signing of the Concession Extension Contract.

At the same time, with the approval of the Macau Government, SJMSA has executed the MGM Sub-concession Extension Contract with MGM Grand Paradise, a sub-concessionaires of SJMSA, to extend its gaming sub-concession from 31 March 2020 up to 26 June 2022.

MGM Grand Paradise has agreed to pay a consideration of MOP20 million (HK$19.42 million) to SJMSA based on the continuation of the undertakings and obligations in the MGM Sub-concession Contract.

An application has been made to the Stock Exchange for resumption of trading in SJM Holdings' shares on the Stock Exchange with effect from 1:00 p.m. on 15 March 2019.

(WL)
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