Director Kowie Geldenhuys

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Home arrow Macau arrow “Crisis moment will end soon” SJM manager granted
“Crisis moment will end soon” SJM manager granted PDF Print E-mail
Friday, 17 October 2008
Three months after entering Hong Kong stock exchange shares for the Sociedade de Jogos de Macau (SJM) dropped nearly 55 percent according to Lusa portuguese news agency. However, one of its  managers swept away the idea of “crisis turbulence times” within the company.
"You can not control some things in a stock exchange market and all of our competitors era going throw the same situation has we are. Even so, I would say that we are not the most affected ones, since there are some shares who went down 80 percent of its initial value" the same representative said to Lusa.
Directed by Stanley Ho, when the Sociedade de Jogos de Macau entered the stock market on July 16 at HKD$3.08, it reached a maximum at HKD$3.21 and a minimum at HKD$1.28.
Yesterday, the company closed at HKD$1.39 which means only 45.12 percent of initial value negotiations.
Nevertheless, the same manager explained that the "company's value for the shareholders, the company's will to develop Macau and to itself as a profitable business is exactly the same as it used to be when it entered the stock market. So it's worth exactly the same."
"We shouldn't be worried, for this is a cycle that soon will have its positive moment," he said, stressing that Sociedade de Jogos de Macau "has the same financial capacity."
Sociedade de Jogos de Macau operates 19 casinos in the area and is planning to open a more integrated complex of hotels, trade and gaming in 2009.

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