STOCKS | Sands China Swaps To Alternative Free-Float Threshold After Share Purchase

Sands China said Venetian Venture Development Intermediate II, its direct controlling shareholder and an indirect wholly owned subsidiary of Las Vegas Sands, bought about 1.623 million shares in the open market, pushing the percentage of shares held by the public below the initial prescribed threshold, according to ETNet. The company said its public float market value, calculated under Rule 13.32A(3), was HK$30.641 billion as of the last practicable date, above the HK$1 billion minimum. Public float represented about 24.99% of its issued share capital, allowing Sands China to meet the alternative threshold under Rule 13.32B(2). Sands China said it has switched from the initial prescribed threshold to the alternative threshold under Rule 13.32B to provide greater flexibility for future capital management transactions, and will continue to monitor its public float and comply with disclosure requirements where appropriate.