Macau Legend gets board approval for capital reorganisation

It says the move is necessary to fulfill the Cayman Islands’ legal requirements for its planned rights issue.

Macau.- Macau Legend has secured board approval for a capital reorganisation plan designed to strengthen its financial position and facilitate a rights issue. Under the proposal, which is dependent on the company’s change of domicile to Bermuda, the par value of each issued share will be reduced from HK$1 (US$0.13) to HK$0.01 (US$0.0013).

The authorised share capital will remain unchanged at HK$1bn (US$130m), but the share structure will change from 1bn to 100bn shares. Issued capital will be reduced from HK$620.1m (US$80.6m) to HK$6.2m (US$0.8m), while the number of issued shares will remain unchanged at 620,118,712. The amount freed up will be credited to the contributed surplus account and used to offset accumulated losses.

In an earlier statement, Macau Legend said the move was necessary to fulfill the Cayman Islands’ legal requirements for its planned rights issue. The company, which previously operated the Legend Palace Casino under a services agreement with SJM Holdings, reported a net loss of HK$1.42bn (US$182.7m) in the first half of 2025 after a loss of HK$622m (US$80m) a year prior.

The board said the restructuring will have no material impact on the group’s net asset value, operations, or shareholder interests, except for professional fees and related costs.

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It says the move is necessary to fulfill the Cayman Islands’ legal requirements for its planned rights issue. Macau.- Macau Legend has secured board approval for a capital reorganisation plan…