Pansy Ho Chiu King, co-chairperson and chief executive director at MGM China, has sold 4.5 million shares in the company’s U.S.-based parent company, MGM Resorts International over a five days period of time.
According to a recent disclosure, from November 11 through November 15, the co-chairperson sold her shares and grossed an aggregate of $140.2 million. Prior to the sale, Ho owned 3.13% of the stock in MGM Resorts. The sale reduced her total control of the stock to 2.26% according to the disclosure. Each share was sold for an average of $31.15.
Ho became one of the dominant shareholders at MGM in 2016 when the company boosted its shares in China by 56%. She gained control of 22.5% of the MGM China stock.
At the time, MGM released a statement that explained, “As consideration for the MGM China shares, the Company issued to Grand Paradise Macau’s (GPM) subsidiary Expert Angels Limited 7,060,492 shares of its common stock and paid consideration of $100 million.”