Daisy Ho Acquires $3M in SJM's Senior Unsecured Notes

Daisy Ho Chiu Fung, the chairwoman of the Macau-based casino operator SJM Holdings Ltd, recently expanded her financial stake in the group by acquiring US$3-million worth of senior unsecured notes. These notes, offering a 6.500 percent annual interest rate, are part of a larger issuance by SJM International Ltd, a wholly-owned subsidiary of SJM Holdings. Details of the purchase were disclosed in recently filed records with the Hong Kong Stock Exchange.

Ms. Ho's acquisition was executed over three transactions on March 6, March 9, and March 10. The notes have been structured to mature in January 2031. While these notes are transferable, they do not provide any conversion rights into SJM International's stock or any other corporation's shares.

By participating in this investment, Daisy Ho is reinforcing her confidence in SJM Holdings' financial strategies and outlook. The company described its issuance of US$540-million in notes as a step to "extend the maturity profile of the group’s indebtedness and enhance the group’s financial flexibility". Initially announced in January, these moves aim to safeguard the company's financial strategies moving forward.

Enhancing Financial Flexibility and Debt Management

The proceeds from the notes issuance are intended to aid SJM Holdings in refinancing efforts, including cash repurchase activities of its previous 4.500-percent senior notes that matured on January 27 this year. This strategic move is designed to bolster the financial robustness and liquidity of SJM Holdings, a critical concern given the company's rising net debt.

As of the end of 2025, SJM Holdings reported a significant increase in net debt, climbing about 12 percent from the previous year to reach HKD27.2 billion, equivalent to US$3.5 billion. This rise in debt was largely driven by acquisitions of key assets, including a former satellite casino hotel, alongside substantial capital expenditures and weakened operating cash flows.

The overarching strategy behind these financial arrangements is to provide SJM Holdings with the flexibility needed to navigate through periods of weaker profit margins. By being proactive in addressing debt maturity and enhancing liquidity, the company aims to maintain its operational stability and strategic growth.

Impact on Financial Health Amid Market Challenges

The financial landscape for SJM Holdings has been undoubtedly challenging, particularly with the noted decline in profitability. Despite these hurdles, the company's actions reflect a pragmatic approach to managing its existing obligations while safeguarding long-term growth potentials.

Singapore-based Lucror Analytics, a firm specializing in credit research, recently noted that despite experiencing less-than-ideal financial results in the fourth quarter and for the entire year of 2025, SJM Holdings' liquidity has seen improvements. This improvement was largely due to the refinancing maneuvers made earlier in the year, which included the handling of U.S. dollar notes.

These actions signal a positive shift in the firm's handling of its fiscal health, positioning it more favorable against market adversities. With continued strategic investments and reliable refinancing processes, figures like Daisy Ho play a pivotal role in steering the company's financial journey. The latest investment decisions reaffirm her commitment and confidence in SJM Holdings' trajectory.

Source: Daisy Ho buys US$3mln worth of casino group SJM's US$540mln senior unsecured notes, GGRAsia, March 13, 2026.