Gaming tycoon Stanley Ho may by further 2% of Portugal’s EDP

12 December 2005

Lisbon, Portugal, 12 Dec – A company in the group owned by Macau gaming tycoon Stanley Ho has agreed to buy a further 2.0 percent of Portuguese electricity company EDP – Energias de Portugal, it announced in filing with the Portuguese market regulator, CMVM Friday in Lisbon.

Under the terms of the CMVM filing, Ho’s company Energy Finance Portugal agreed with the Union of Swiss Banks, UBS, AG, the acquisition of 73,130,755 shares of EDP which at stock prices quoted on the Lisbon exchange Monday of 2.54 euros per share would total 186 million euros.

Ho, who already owns 2 percent of EDP had said in May that he would like to have a 5 percent stake in the company by the end of the year.

At the time, speaking to Lisbon financial news website Jornal de Negócios Online, Jorge Ferro Ribeiro, Ho’s partner in Portuguese business, said an increased stake in EDP would be acquired through a company set up especially for the purpose, the holding Energy Finance.

Energy Finance is owned by Great Regent Development, which in its turn is owned by Ho’s Macau casino and tourism company STDM – Sociedade de Turismo e Diversões de Macau. (macauhub)