Macau hotel and satellite casino services firm Macau Legend Development Ltd says its proposed share consolidation will become effective on Friday (August 1).
Under the plan, every 10 existing Macau Legend shares currently under issuance are being consolidated into a single share.
The firm previously said the aim of that move – and enlargement of its board lot size – was to increase its share price and to facilitate trading activities. The firm’s shares were valued at HKD0.08 (US$0.01019) on the Hong Kong Stock Exchange as of midday on Thursday.
The update of the progress on the consolidation move was issued in a Wednesday filing after trading hours. That day the shareholders had approved the move during an extraordinary general meeting.
Macau Legend said the Hong Kong bourse’s listing committee has granted permission for the listing of – and dealing in – the consolidated shares, with effect from Friday.
There were 6,201,187,120 issued shares as of Wednesday. Macau Legend said it did not have any treasury shares as of that date.
After consolidation, there will be 620,118,712 shares in issue counted either as fully paid or credited as fully paid. The authorised share capital of Macau Legend would remain at HKD1.0 billion, but will be divided into 1 billion consolidated shares of HKD1.0 each, according to the firm’s previous filings.
The board lot size for trading in Macau Legend’s shares on the Hong Kong stock exchange is also to be changed from 1,000 existing shares to 4,000 consolidated shares with effect from August 15, the firm’s Wednesday filing affirmed.
Macau Legend currently operates the waterfront gaming and leisure complex, Macau’s Fisherman’s Wharf, on Macau peninsula.
There, the firm presently promotes satellite gaming business at Casino Legend Palace (pictured in a file photo), relying on the gaming rights of Macau casino operator SJM Holdings Ltd.
Macau Legend will however, have to close Casino Legend Palace by year end. That was after SJM Holdings decided not to continue to run the venue once the full effect of new satellite regulations take effect on January 1, 2026. The impending change follows a three-year grace period to allow for satelites and gaming licence holders to transition to a management fee model if they wished.
