SJM Holdings Limited (SJM) reported that its wholly-owned subsidiary, SJM Resorts, S.A., has entered into a Limited Partnership Agreement and a Subscription Agreement on 23 October 2026 to acquire interests in the newly formed Macao SAR Government Guidance Fund No. 2, Limited Partnership Fund. The commitment totals MOP 992.70 million (approximately HK$963.79 million), fully financed by the Group’s internal resources.
The capital committed by SJM Resorts will be credited against the investment obligations stipulated in its gaming Concession Contract (2023-2032), thereby avoiding additional material financial burden for the Group. All Limited Partners have pledged an aggregate MOP 9.00 billion (around HK$8.74 billion), while the General Partner may contribute up to MOP 10.00 million (HK$9.71 million).
Structured under Macau’s Investment Funds Law (Law No. 11/2025) and Government Guidance Fund Management Regime (Administrative Regulation No. 26/2026), the 15-year fund—extendable twice by one year—will channel capital into projects that: • Foster diversification of Macau’s economy through emerging industries and technology start-ups. • Align with national development strategies, industrial upgrading and livelihood protection. • Support Macau’s integration with the Hengqin Cooperation Zone and the Guangdong-Hong Kong-Macao Greater Bay Area.
Operating control resides with Macau-government-controlled Macau Project Management (No. 2) Limited (General Partner) and Macao Investment and Management Company Limited (Management Entity). Limited Partners, including SJM Resorts and other Macau gaming concessionaires, are passive investors without day-to-day management authority. Transfers of interests require General Partner consent, and Limited Partner liability is capped at committed amounts.
Regulatory assessment places the transaction within the “discloseable” category under Chapter 14 of the Hong Kong Listing Rules, as the relevant percentage ratio exceeds 5% but remains below 25%. Consequently, it is subject to announcement and reporting requirements only. Although Melco Resorts (Macau) S.A.—a connected person to SJM through common familial control—also participates as a Limited Partner, the deal does not constitute a connected transaction because each concessionaire signs a separate subscription agreement and does not influence fund management.
Management states that the investment underscores SJM’s commitment to Macau’s long-term sustainable development and economic diversification objectives. No timetable for capital calls was disclosed, and conversions from MOP to HK$ were presented at MOP1.03 to HK$1.00.
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