bestpokerhandstoplay| SJM Holdings (00880.HK) subsidiary plans to purchase Macau properties for HK$166 million

Glonghui May 21 丨 SJM Holdings (00880bestpokerhandstoplay.HK) announced that on May 21, 2024, the acceptance transferee (a subsidiary of the company) entered into an acceptance agreement with the acceptance transferor. According to the acceptance agreement, the acceptance transferor has committed to sell and the acceptance transferee has committed to purchase the property (without any charge or lien). The consideration for the property was agreed to be HK$166 million and will be settled in cash in three phases. The consideration was equivalent to the estimated market value of the property as assessed by an independent property valuer of HK$166 million.

The property represents an urban building site registered with the Macau Property Registry under No. 816 located on Ametali Pillo Avenue (San Ma Road) and Baizai Tong Street (Lower Fu Lung Street) in Macau, among which a Jinbi Civic Center building (3 floors, used for casino, restaurant and office purposes) has been built on it in accordance with all land concessions granted by the Macau government to the acceptance transferor.

The Group's acquisition of the property for renovation and reconstruction will be the Group's primary goal to revitalize part of the San Ma Road (New Ma Road) in Ametali, in line with itsbestpokerhandstoplayHe has UNESCO heritage sites and enhanced Macau's non-gaming attractions for international visitors to fulfill STDM's non-gaming investment commitments under the gaming award contract. As one of the Group's strategic moves to leverage its advantages in the food industry, Jinbi Civic Center plans to transform into a catering business. The move aims to supplement its existing catering supply at Grand Lisboa and Grand Lisboa Hotel, located at the other end of Grand Lisboa Road. The Group is aware of the potential to use its expertise in food to attract a wider customer base and enhance its influence to promote the overall development and vitality of Xinma Road as the food center of the Laocheng District on the Macau Peninsula.

The acquisition will help optimize the Group's catering mix within its controllable range, attract the Group's target customers, enable the Group to provide catering options to be further targeted at the mass market, and is expected to attract more visitors to the Group's gaming and other non-gaming facilities.