SJM Holding founder and Chairman eldest daughter Pansy Ho is reducing her shares in the MGM International (NYSE: MGM). According to the Hong Kong Stock Exchange, Pansy sold MGM shares worth about $2.45 million in a period starting from November 26th to 12th December. The sale reduced her company’s shares investment to 1.78 percent.
Ho sale of MGM shares was made in parts. She earned a profit of $78.9 million. Last month, Ho indicated that she wanted to restructure her financial portfolio. However, the way she has reduced her stock defies the initial comment. She made the following comment in November regarding her MGM shares:
“It is only just a restructuring of my financial portfolio. However, this is only representing a tiny proportion of the holdings that I have in MGM Resorts. I will continue to hold on the remaining shares,” Ho said.
Ho sale of MGM shares has been well-timed since the stocks are 6 percent high this month and 11.32 percent high since the start of the fourth quarter. MGM shares are just 0.38 percent below their best 52 weeks in a financial year. Right from 26th November to 12th December, MGM stock price stayed at an average of $32.12. When Ho was making the sale, shares prices increased by 1.70 percent.
However, Ho claims that the recent sale is not a sign that she is seeking to dissociate herself with the US Gaming giant. According to Casino.org, Ho insisted that she will remain a partner with MGM China casino. Ho’s position in MGM shares has, however, declined considerably compared to the previous year. In 2018, Ho owned over 5.16 percent of the company’s shares. The large shares sales have reduced her holding by about 3.06 percent.
Despite dumping some of her shares, Ho remains one of the most significant individual shareholders in MGM; her 1.78 percent stake in the company represents 9.10 million shares. Only hedge funds hold more stock in MGM than Ho.