Galaxy to allow grantees to subscribe to 0.09% share capital

Galaxy Entertainment Group has implemented a share subscription to fulfil Share Award Scheme 2021 obligations.

Macau.- Galaxy Entertainment Group (GEG) has announced it will facilitate the fulfilment of the Share Award Scheme 2021 by permitting specific grantees to subscribe to approximately 0.09 per cent of the company’s share capital.

According to the company, a subscription agreement between GEG and BVI HoldCo will allow the trustee to subscribe for 3,894,565 subscription shares at the subscription price of HK$0.01 each. When the grant was awarded on August 30, the closing price of GEG’s shares was HK$51.7 (US$6.6).

The company said an application will be made to the stock exchange for the granting and listing of, and permission to deal in, the subscription shares to be issued in the name of BVI HoldCo.

GEG has recently released its financial results for the first half of the year. The company posted a profit of HK$2.89bn (US$369.0m), compared to a HK$850.47m loss in the same period of 2022. Revenue was up 141 per cent year-on-year to HK$15.72bn (US$2.04bn) and adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) was up 2,193 per cent to HK$4.4bn.