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US firm buys big stake in The 13 Holdings

Ahead of the opening of its The 13 luxury hotel in Coloane slated for later this quarter, Hong Kong-listed property developer The 13 Holdings has announced that American investment firm Evolution Capital Management has acquired a major stake in its business.

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UPDATED: 22 Dec 2023, 5:48 am

Ahead of the opening of its The 13 luxury hotel in Coloane slated for later this quarter, Hong Kong-listed property developer The 13 Holdings has announced that American investment firm Evolution Capital Management has acquired a major stake in its business, the World Casino News website reported late last week.

The report quoted a filing by The 13 Holdings with the Hong Kong Stock Exchange as stating that Santa Monica-based Evolution Capital Management had “become interested in 338,628,459 underlying shares” representing “approximately 36.77 percent and 21.62 percent of the existing issued share capital of the company and the enlarged issued share capital of the company respectively.”

The filing also said that “on February 7, 2017, the company noticed that the Ontario Teachers’ Pension Plan Board has come to have a short position of 338,628,459 underlying shares in respect to unlisted equity derivates and of the company, which represent approximately 36.77 percent and 21.62 percent of the existing issued share capital of the company and the enlarged issued share capital of the company respectively.”

The 13 Holdings said in a statement last year that The 13 in Cotai was set to be one of the world’s most expensive hotels-per-key ever and would generate “strong cash flows for the benefit of all shareholders” in due course.

(Macau News/The Macau Post Daily)

UPDATED: 22 Dec 2023, 5:48 am

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