Stanley Ho Brings Macau to Africa

June 20 - Following the trend of Chinese owned companies seeking investment opportunities in South Africa and other African countries, it has been reported that Stanley Ho, also know as the King of Macau, is intent on tapping into the lucrative oil-rich nation of Angola.

Ho, who once owned a monopoly on the majority of gambling interests in the former Portuguese colony near the Chinese mainland, Macau, is said to have entered into talks with Sonangol, an Angolan state-owned company, in a bid to create a partnership.

A spokesman for the casino tycoon said this week that Ho's intention was to create a holding company called Geocapital. The sole purpose of this company would be to seek investment from different sectors in the Angolan economy, including banking, tourism and entertainment.

Ferro Ribeiro, who heads Stanley Ho's investments in the Portuguese gaming and tourism industry, said to the Angolan newspaper Diario Economico: "The negotiations with Sonangol are ongoing and a deal could be reached at any moment.

According to Ribeiro, it is Ho's intention to use Macau as a spring board for huge investments in Africa, especially former Portuguese colonies such as Angola and Mozambique. Stanley Ho has recently bought the Montepio Geral bank in Guinea Bissau and Moza Banco in Mozambique.

"The goal," explained Ribeiro, "is to use Macau as a privileged structure to attract Asian businessmen interested in big projects that are being launched in Portuguese speaking Africa."

The is practically no formal gambling establishment in Angola at present, with no legislation set in place. Ho hopes that through multiple investments, he will be able to stimulate the economy and bring about the creation of more tourist and entertainment locations.

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