Macau Legend shares still paused in HK on 2021 report delay

May 31, 2022 Newsdesk Latest News, Macau, Top of the deck  

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The shares of casino services firm Macau Legend Development Ltd will remain suspended on the Hong Kong Stock Exchange “until further notice”, after the company said on Monday that the publication of its 2021 annual results would be “further delayed”.

Macau Legend now hopes to have those results out “on or around” June 27, and has put back its annual meeting to that date.

A firm’s calendar-year results must be published by March 31 of the following year, or the stock risks suspension under the rules of the Hong Kong bourse, the company had said previously. The shares had been suspended with effect from April 1.

“The auditors of the company require additional time” to carry out “extended audit procedures and complete the 2021 annual results after taking into account the review report,” stated Macau Legend in its Monday filing.

Macau Legend had said in a May 20 filing that a review conducted by an independent consultant “did not note any irregularity” in the dealings between the company and Levo Chan Weng Lin or his related entities.

Mr Chan is Macau Legend’s largest single shareholder and was the firm’s executive director, co-chairman and chief executive. The businessman was detained in Macau in January, on suspicion of illegal running of gambling operations and money laundering.

Mr Chan resigned from his executive roles in Macau Legend soon after his detention.

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