Macau casino operator SJM Holdings Ltd. has granted its newly-installed executive director, Daisy Ho, 3 million share options in the company.
In a filing to the Hong Kong Stock Exchange, the casino operator said the options entitle Ho to subscribe for a total of 3 million ordinary shares of SJM Holdings. The exercise price of the options granted is HK$8.33 (US$1.07) per share.
The validity period of the options is from December 22, 2017 to December 21, 2026.
The first 1 million options will be vested on six months from the grant date. This will be followed by another 1 million options 18 months after the grant date. The last 3 million options will be vested on two years and six months from the grant date.
Daisy Ho, a daughter of SJM Holdings’ founder Stanley Ho by his second consort, replaced Dr. Rui Jose da Cunha as executive director last June 13.
Before she was appointed as executive director, the younger Ho has been the deputy managing director and chief financial officer of Shun Tak Holdings Limited—the transportation and property outfit started by her father—since 1999. Daisy Ho, who owns 8.4 percent stake in Shun Tak, is also a member of the executive committee, remuneration committee and nomination committee of Shun Tak and a director of a number of its subsidiaries.
The casino operator said Ho’s appointment as executive director doesn’t have a fixed term, but it will be subject to the arrangements of retirement by rotation and re-election at the annual grand meeting of the company. She will receive an annual director’s fee of HK$0.50 million on pro-rate basis in 2017.
Including 52-year-old Ho, SJM Holdings has seven executive directors and four independent, non-executive directors.
SJM Holdings, which is building its first casino project in Cotai, posted higher profits despite lower revenue in the first quarter of the year, thanks to increased activity in its premium mass business. The company’s gaming revenue fell 5.3% year-on-year to HK$10.4 billion (US$1.33 billion) in the three months ending March 31, but its adjusted earnings inched up 0.7% to HK$843 million and profit rose 3.3% to HK$580 million ($74.5 million). SJM’s earnings margin improved half a point to 8% during Q1.