SJM Holdings (00880) has announced that on 23 October 2026, following arm's length negotiations, SJM Resorts entered into a limited partnership agreement and a subscription agreement to subscribe for a participating interest in the Government-Guided Fund, with a total committed capital contribution of MOP993 million (equivalent to approximately HK$964 million).
The capital actually contributed by SJM Resorts to the fund will be deemed to satisfy its investment obligations under the concession contract in an equivalent amount.
The fund was established to fulfill Macau government policy objectives, including promoting the适度 diversified development of Macau's economy, investing in areas that align with national development strategies, industrial upgrading, technological innovation and livelihood protection, investing in areas that align with Macau's development strategic positioning and can fully leverage its unique advantages, supporting the联动 development between Macau and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin as well as the Guangdong-Hong Kong-Macao Greater Bay Area, and other policy objectives.
The term of the fund runs from the closing date (i.e. the date on which the fund completes its commercial registration) and lasts for 15 years, and may be extended for up to two additional one-year periods.
The fund is a Macau Special Administrative Region government-guided fund established under the Investment Fund Law and the Government-Guided Fund Management System.
SJM Resorts' investment in the fund is consistent with its obligations under the concession contract and reflects the group's commitment to Macau's sustainable development, as well as its support for the Macau government's policy direction of promoting moderately diversified economic development.
The capital actually contributed by SJM Resorts to the fund will be deemed to satisfy its investment obligations under the concession contract in an equivalent amount. Accordingly, the transaction is not expected to give rise to any material additional financial liability for the group.
The fund's investment scope focuses on supporting the moderately diversified development of Macau's economy, national development strategies, technological innovation, livelihood protection, and supporting the联动 development between Macau and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People's Republic of China and with the Guangdong-Hong Kong-Macao Greater Bay Area.
The board believes that the terms of the limited partnership agreement and the subscription agreement are fair and reasonable and are in the overall interests of the company and its shareholders.
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