Galaxy buys social bonds to help Macau SMEs

Galaxy Entertainment Group has subscribed to HK$100 million of Social Bonds to support companies impacted by the Coronavirus.

Macau.- The Galaxy Entertainment Group has subscribed to HK$100 million worth of special social bonds issued by the Bank of China Macau Branch (BOC Macau).

The operator has said that proceeds from the bonds, dubbed the COVID-19 Impact Alleviation Social Bonds, would be used to provide loans and finance to SMEs impacted by the virus outbreak.

In particular, assistance will be given to Macau SMEs that provide health care and medical supplies or that manufacture medical devices.

“Different organisations in Macau have been standing strong together in the fight against the COVID-19. We appreciate the prompt efforts made by BOC Macau to support local SMEs and foster the recovery of the local economy, including the issuance of the Social Bonds”, Mr. Francis Lui, Vice Chairman of GEG, said.

“Through BOC Macau’s financial market insight, professional services, and rich experiences in working with SMEs, GEG believes our HK$100 million subscription of the Social Bonds will help offer prompt and efficient assistance to local SMEs and alleviate their operating and financing pressures amid this critical period,” he added.  

Mr. Li Guang, General Manager of BOC Macau, said: “Different sectors of the community have been working together since the outbreak of the COVID-19. As a mainstream bank in Macau, BOC Macau has proactively provided different financial services for Macau’s SMEs. With a long-term relationship with BOC, GEG’s subscription of the Social Bonds, the first epidemic-themed issuance in external market, demonstrates GEG’s support for SMEs amid the epidemic and its commitment to contribute to the recovery of the local economy. BOC Macau will continue to strengthen our partnership with GEG in a hope to accelerate the recovery of Macau’s prosperity.”

GEG has already donated a total of MOP25 million (€2.8 million) to Macau and Hubei Province to help combat the deadly virus outbreak.