GEG buys HK$100 million in social bonds to help local SMEs

In efforts to ease operating pressures and provide assistance to local SMEs that have been affected by the coronavirus epidemic, GEG has announced the subscription of HK$100 million of the SMEs themed COVID-19 Impact Alleviation Social Bonds recently issued by Bank of China (Macau Branch).

The Social Bonds were issued in response to the Macau SAR Government’s call to support affected SMEs overcome their challenges during the COVID-19 epidemic. The proceeds raised will be used to provide special loans and reduce the financing costs of Macau SMEs that provides health care and medical supplies or manufactures medical devices, etc., so as to support the recovery of the local production and supply of epidemic prevention and control products. This is the first certified Social Bond issued by a Chinese issuer.

Mr. Francis Lui, Vice Chairman of GEG, said, “Different organizations 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. Lui added, “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.” 

In addition, GEG said it has also rolled out a number of practical initiatives, including waiving the fixed rental fee of all GEG’s tenants for the month of February.

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.”

Recently, GEG donated a total of MOP25 million to Macau and Hubei province to support the epidemic prevention and control measures; and donated one million surgical masks to the Macau SAR Government, Zhuhai City Government and Hengqin New Area Government to support their disease prevention and control efforts.