BUZZ-SJM slips to 4-1/2-month low amid Hotel L'Arc acquisition, Casino Ponte 16 plans scrapped

Reuters11-21

** Shares of Macau gaming and resort operator SJM Holdings 0880.HK fall 3% to HK$2.63, their lowest level since July 7

** SJM plans to buy Hotel L'Arc, on which Casino L'Arc Macau is located, for HK$1.75 billion ($224.8 million), while it drops plans to buy the property where Casino Ponte 16 is located in Macau

** Casino Ponte 16 will cease operations on November 28 - co

** UBS, with "sell" rating, says L'Arc valuation appears reasonable and the acquisition is viewed as a "net positive" as the deal will be funded by undrawn credit facilities with leverage impact to be largely offset by incremental EBITDA from market share gains at L'Arc

** YTD, stock down 1.9%, while the benchmark Hang Seng Index .HSI up 25.7%

($1 = 7.7840 Hong Kong dollars)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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