Stanley Ho, chairman of Shun Tak Holdings Ltd., cut his direct ownership in the company in favor of two holding companies in which his children have stakes, according to a Hong Kong stock exchange disclosure.
Ho signed a contract on Nov. 29 to sell 250.9 million shares, cutting his stake to 189.5 million shares, or 8.7 percent, from 440.4 million shares, or 20.3 percent, on Sept. 30, according to the disclosure.
On the same day, Hanika Realty Co. and Ranillo Investments Ltd. increased their holdings by 250.9 million shares to 399.5 million shares, or 18.4 percent.
The interests of Hanika and Ranillo in Shun Tak duplicate each other, according to Shun Tak’s 2010 Interim Report. Ho’s daughters Pansy, Daisy and Maisy have stakes in Ranillo, which in turn owns 71.5 percent of Hanika.