Macau Legend rights issue sees low uptake

The company said the capital will go toward paying down current debt.

Macau.- Macau Legend has reported a weak response to its latest rights issue, with subscriptions reaching just 49.49 per cent. The company still raised HK$93m (US$11.93m) in gross proceeds and approximately HK$86.4m (US$11.08m) after fees.

The new subscription comprised 310.06m shares, 156.61m of which (16.84 per cent) were under-subscribed and covered by East Asia Securities and Platinum Broking in their capacity as co-underwriters. Macau Legend’s total issued shares now exceed 930.17m, up from 620.11m.

Levo Chan, the former Tak Chun junket head, saw his holdings via an investment company fall from 33.08 to 22.06 per cent. The company’s current CEO, Li Chu Kwan, retained his 25.83 per cent holding through investment vehicle Elite Success alongside a personal stake of 1.76 per cent.

Macau Legend said the raised capital will go toward paying down current debt. The company, which once ran Legend Palace casino under SJM Holdings and continues to operate Macau Fisherman’s Wharf, has been grappling with underperformance. In the first half of 2025, the company posted a net loss of HK$1.42bn (US$182.7m), up from a HK$622m (US$80m) loss in the same period last year.

The company has disposed of some assets, including the Hengqin property. The company has also lost control of its planned casino resort in Praia, Cape Verde, after the government repossessed the land.

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See also: Macau Legend gets board approval for capital reorganisation

The company said the capital will go toward paying down current debt. Macau.- Macau Legend has reported a weak response to its latest rights issue, with subscriptions reaching just 49.49…