Industrial and Commercial Bank of China buys 80 pct of Macau’s Seng Heng bank

30 August 2007

Hong Kong, China, 30 Aug – The Industrial and Commercial Bank of China (ICBC) has paid 4.54 billion patacas for a 79.93 percent stake in the Macau Seng Heng Bank, thus far owned by Stanley Ho’s Sociedade de Turismo e Diversões de Macau (STDM).

According to a regulatory filing with the Hong Kong stock exchange, the Beijing-based bank will pay 3.98 billion patacas for the 70 percent owned by STDM and US$565.04 million for a 9.93 percent stake owned by Patrick Huen Wing-ming, the executive director of the Seng Heng Bank.

The ICBC also has an option to buy a further 20 percent in the bank owned by Patrick Huen.

The Seng Heng Bank, set up in Macau in 1972, was acquired in 1989 by STDM, which owns 80 percent of Sociedade de Jogos de Macau, the company which still dominates the gaming and gambling market in Macau, with 18 of the territory’s casinos.

The total assets of the Seng Heng totaled 25.38 billion patacas at the end of last year, when it posted profit of 312 million patacas.

In December last year, ICBC made its first foreign acquisition on buying 90 percent of Indonesia’s Halim Bank, with an option to buy the remaining 10 percent at a later date. (macauhub)