Over a five days period of time, Pansy Ho Chiu King, co-chairperson and chief executive director at MGM China, has sold 4.5 million shares in the company’s U.S.-based parent company, MGM Resorts International.
From November 11 through November 15, the co-chairperson sold her shares and earned an aggregate of $140.2 million according to a recent leak. Ho owned 3.13% of the stock in MGM Resorts before the sale. According to the leak, the sale reduced her total control of the stock to 2.26%. Each share was sold for an average of $31.15.
In 2016 when the company boosted its shares in China by 56%, Ho became one of the main shareholders at MGM. She got control of 22.5% of the MGM China stock.
As mentioned on the Calvinayre.com website, MGM released a statement at the time which explained, “As consideration for the MGM China shares, the Company issued to Grand Paradise Macau’s (GPM) subsidiary Expert Angels Limited 7,060,492 shares of its common stock and paid consideration of $100 million.”
Her acquisition of the MGM stock let her reduce her stake in the Macau based casino from 27.44% down to 22.49%. It was announced at the time that she bought her shares at $25 per share, acquiring 4 million of the MGM Resorts stock.
It seems that Ho made a very clever move by selling off her stock when she did. Beginning from September 30 through the first day she started selling the stock, the price of the MGM shares increased by 13.4%. Her $31.15 per share was a bit below the stock trade at the writing according to the Hong Kong stock exchange; however, was an almost 30% increase over the June price of the stock that was listed at $24.
Ho sold off 11.06 million shares of the MGM stock in the same month in 2018, reducing her share percentage in the company from 5.16% down to 3.06%.
It seems that her selling of the shares haven’t had any big effect on the overall value of the MGM shares. As part of a planned partnership with its real estate investment trust, MGM Growth Properties LLC, now the company is working to sell shares to increase the revenue.
