Stanley Ho's Casino group, Sociedade de Jogos de Macau (SJM) is the latest casino group looking to float - this time on the Hong Kong stock exchange.

Ho, who's group is the largest casino operator in Macau, has made an initial proposal inviting banks to propose a potential HK$7.8bn floatation - although it still needs approval from the Macau government

SJM, which runs 16 casinos in Macau, reported about HK$34.2 billion in gambling profit in 2004, up 23 percent from a year earlier. Sources said SJM could be valued at about HK$39 billion.

Hong Kong requires listed companies to have at least 25 percent of their shares in public hands. In SJM's case that would require an IPO of HK$9.75 billion. The smaller HK$7.8 billion target suggests SJM is less likely to list the entire company than to hive off a set of its assets for sale. SJM is 80 percent controlled by Ho's Sociedade de Turismo e Diversoes de Macau (STDM). Shun Tak Holdings, his ferry services to property group, holds another 12.6 percent.

Article: Ho casino group makes IPO move