{"id":777037131,"date":"2026-01-23T09:44:02","date_gmt":"2026-01-23T12:44:02","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777037131"},"modified":"2026-04-21T15:03:28","modified_gmt":"2026-04-21T18:03:28","slug":"macau-legend-rights-issue-sees-low-uptake-raises-hk93m","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/macau-legend-rights-issue-sees-low-uptake-raises-hk93m","title":{"rendered":"Macau Legend rights issue sees low uptake"},"content":{"rendered":"\n

The company said the capital will go toward paying down current debt.<\/p>\n\n\n\n\n\n\n\n

Macau.- Macau Legend<\/strong> has reported a weak response to its latest rights issue, with subscriptions reaching just 49.49 per cent<\/strong>. The company still raised HK$93m (<\/strong>US$11.93m) in gross proceeds and approximately HK$86.4m <\/strong>(US$11.08m) after fees.<\/p>\n\n\n\n

The new subscription comprised 310.06m shares, 156.61m <\/strong>of which (16.84 per cent<\/strong>) were under-subscribed and covered by East Asia Securities and Platinum Broking in their capacity as co-underwriters. Macau Legend\u2019s total issued shares now exceed 930.17m<\/strong>, up from 620.11m<\/strong>. <\/p>\n\n\n\n

Levo Chan<\/strong>, the former Tak Chun junket head, saw his holdings via an investment company fall from 33.08 to 22.06 per cent. The company\u2019s current CEO, Li Chu Kwan<\/strong>, retained his 25.83 per cent <\/strong>holding through investment vehicle Elite Success alongside a personal stake of 1.76 per cent.<\/p>\n\n\n\n

Macau Legend said the raised capital will go toward paying down current debt. The company, which once ran Legend Palace casino<\/strong> under SJM Holding<\/strong>s and continues to operate Macau Fisherman\u2019s Wharf, has been grappling with underperformance. In the first half of 2025, the company posted a net loss of HK$1.42bn (US$182.7m), up from a HK$622m (US$80m) loss in the same period last year. <\/p>\n\n\n\n

The company has disposed of some assets, including the Hengqin property<\/strong>. The company has also lost control of its planned casino resort in Praia, Cape Verde<\/strong>, after the government repossessed the land.<\/p>\n\n\n

\n\t\t\tSee also:<\/span><\/p>\n
\n\t\t\t\t\"\"<\/p>\n

\n\t\t\t\t\tSee also:<\/span> Macau Legend gets board approval for capital reorganisation<\/a>\n\t\t\t\t<\/p>\n<\/p><\/div>\n<\/p><\/div>","protected":false},"excerpt":{"rendered":"

The company said the capital will go toward paying down current debt.<\/p>\n","protected":false},"author":2395,"featured_media":19652,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Macau Legend's recent rights issue was significantly under-subscribed at 49.49%, raising HK$93m gross, with underwriters covering the shortfall. The capital is earmarked for debt reduction amidst the company's persistent underperformance, marked by a HK$1.42bn net loss in H1 2025 and asset disposals, including the loss of its Cape Verde casino project.","focusai_entities":"Macau Legend, East Asia Securities, Platinum Broking, Levo Chan, Tak Chun, Li Chu Kwan, Elite Success, Legend Palace casino, SJM Holdings, Macau Fisherman\u2019s Wharf","focusai_location":"Macau, Hengqin, Praia, Cape Verde","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Future Capital Strategy?","query":"Given the under-subscription and ongoing losses, what is Macau Legend's long-term capital structure strategy beyond this debt reduction, and what are the implications for future equity dilution or asset divestitures?"},{"label":"Operational Turnaround Plan?","query":"Beyond financial restructuring, what specific operational turnaround initiatives are being implemented to address the persistent underperformance and significant net losses, particularly in its core Macau operations?"}],"footnotes":""},"categories":[16338,163,24628,158],"tags":[29,25068,22593],"class_list":["post-777037131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","category-highlight-of-the-week","category-slider-home","tag-casino","tag-debt","tag-macau-legend"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777037131","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2395"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777037131"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777037131\/revisions"}],"predecessor-version":[{"id":777037143,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777037131\/revisions\/777037143"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/19652"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777037131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777037131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777037131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}