SBI exercises option to sell Ponte 16 stake

Japan’s SBI Holdings Inc. has exercised its option to require Success Universe Group Ltd. to buy back the indirect stake SBI bought in the Ponte 16 casino hotel in Macau in 2008 for HK$130 million ($16.8 million).

SBI holds a 4.55 percent stake in Golden Sun Profits Ltd., which in turns own 49 percent of Ponte 16 and generated HK$9.3 million in profit last year. Success Universe put the preliminary price of the repurchase at the same HK$130 million, which it said would be paid half in cash and half in shares.
The shares to be issued SBI stand to make it Success Universe’s third-largest shareholder, with a 6.31 percent stake. In a similar deal earlier this year, pachinko operator Maruhan Corp. exercised an option to sell its indirect stake in Ponte 16 to Success Universe. Shares issued in that deal made Maruhan Success Universe’s second-biggest shareholder, with a 20.7 percent stake. With the completion of the SBI deal, Success Universe will wholly own Golden Sun; the other 51 percent of Ponte 16 is owned by SJM Holdings Ltd.