Macau gaming operator Sands China announced that its controlling shareholder Las Vegas Sands (LVS), which currently holds approximately 71 percent of the company, plans to further increase its stake.
The proposed share purchase, valued at up to HK$800 million ($103 million), would represent around 0.74 percent of the company’s total issued shares based on the latest quoted share price.
The company assured that a sufficient public float of the shares would be maintained following the transaction.
In December last year, LVS increased its shareholding in Sands China by purchasing 1.19 percent of the company’s issued stock, valued at HK$1.95 billion ($250 million).
Analysts view the move as a strong signal of management’s confidence, which is crucial for stabilizing the bearish investment sentiment.
