Tuesday, June 26, 2007

Shun Tak Buys Hopewell, Ho's Company Out of Macau Project for $879 Million

(Bloomberg) -- Shun Tak Holdings Ltd., run by the
family of casino tycoon Stanley Ho, will buy a 75 percent stake
in a Macau property project from Ho's private company and
billionaire Gordon Wu for HK$6.87 billion ($879 million).

Shun Tak will pay Wu's Hopewell Holdings Ltd. HK$4.58
billion for a 50 percent stake in the Nova City/Nova Taipa
Gardens project in Macau, Hopewell said in a statement late
yesterday. It will pay Ho's Sociedade de Turismo e Diversoes de
Macau HK$2.29 billion for its 25 percent stake, Shun Tak
spokeswoman Catherine Szeto said.


Read more at Bloomberg Emerging Markets News

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