Century Entertainment seeks to remove a disclaimer about its financial condition.
Cambodia.- Hong Kong-based Century Entertainment International Holdings has issued a company filing seeking the removal of a financial disclaimer. The company asserts that chairman Ng Man Sun’s financial assistance, including a personal guarantee on borrowings and a convertible bond, ensures its stability.
The group highlighted Ng’s decision not to demand the repayment of borrowings amounting to HK$56.67m. It said the company will have sufficient working capital for operations. An investment in eight gaming tables at a new casino in Cambodia, initially valued at HK$120m, is expected to progress by January 31, 2024.
The company said it plans to negotiate with creditors for potential debt reconstruction, explore Ng’s willingness to convert his bond into shares and to implement cost-control measures. In June, Century Entertainment reported that it expected to record a loss of approximately HK$63m (US$8.04m) for the last financial year, a widening from HK$3.7m in the previous fiscal year.