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Investing.com -- SJM Holdings announced that its subsidiaries have reached an agreement to purchase the entity that owns L’Arc Hotel from Goldarch Holdings and Solar King Investments for HK$1.75 billion ($225 million), according to a filing with the Hong Kong Stock Exchange.
The sellers, Goldarch Holdings and Solar King Investments, are indirectly wholly-owned by Angela Leong, who is identified as a connected person of SJM Holdings.
SJM Holdings stated that the acquisition is expected to create synergy with its existing operations due to the proximity of L’Arc Hotel to the company’s current casinos, including Casino Lisboa.
The company added that this strategic purchase will strengthen SJM’s market position in the Macau Peninsula.
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