Macau Legend plans to raise US$12m via new rights share issue

The company intends to use the net proceeds as general working capital.

Macau.- Macau Legend Development has proposed a rights issue with the intention of raising HKD93m (US$12m) through the issue of 310,059,356 rights shares at HK$0.3 each on the basis of one rights share for every two existing shares on the record date. The move will increase its issued share capital by 50 per cent. Net proceeds will be used for general working capital.

“The rights issue is only available to the qualifying shareholders and will not be extended. The company expects the first day of dealing to be December 2.

for the first half of 2025, company revenue totalled HKD168.1m (US$21.5m), down 7.6 per cent year-on-year. The company reported a loss of HKD1.42bn (US$182.1m). That’s a deterioration from the HK$110m (US$14m) loss in the same period last year.

First-half adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) were HKD34.7m, down 67.5 per cent year-on-year. Net current liabilities totalled HKD2.56bn (US$328.3m) as of June 30. The group posted an impairment loss of HKD1.27bn (US$162.9m) related to assets at Macau Fisherman’s Wharf, where Legend Palace Casino is to close by December 31 as Macau phases out its satellite casino system.

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The company intends to use the net proceeds as general working capital. Macau.- Macau Legend Development has proposed a rights issue with the intention of raising HKD93m (US$12m) through the…