Hong Kong-listed Century Entertainment has announced that its Chairman and CEO Ng Man Sung has resigned from his roles with the company ‘due to other personal commitment’.
Ng Man Sun has held the dual roles since September 12th of 2012.
In a stock exchange filing, the group notes that Ng ‘confirmed that he has no disagreement with the Board, and there is no other matter in relation to his resignation which needs to be brought to the attention of The Stock Exchange of Hong Kong […] or the shareholders of the company’.
Following Ng’s resignation, Executive Director Tang Ho Ka has been appointed both as Chairman and CEO.
Tang has been a non-executive director of the company since March of this year and was re-designated as executive director on May 1st. Tang currently has a service contract with the company for three years, however his monthly compensation is set at just HK$15,000 ($1,900).
Century Entertainment operates VIP rooms in Darak Sakor, Cambodia.
The shift in leadership could call into question the loans provided by Ng to the company, in particular two convertible bonds worth HK$50 million ($6.38 million) and HK$32 million ($4.1 million), respectively due on September 30th, 2025 and December 30th, 2026. The company previously indicated that Ng would ‘not call for repayment‘ of the convertible bonds and would ‘further provide sufficient financial supports for the Group’s working
capital for a period of at least 12 months’ (from December of 2024).
According to the group’s interim report, other borrowings from third parties to the company amounting to HK$58 million ($7.4 million) ‘are also personally guaranteed by Mr. Ng’.
As of September 30th of last year, the group had total assets amounting to just HK$32.2 million ($4.11 million) and net liabilities of approximately HK$91.2 million ($11.63 million).
Under its current agreement, the group is managing seven tables in VIP rooms, with a monthly lease price of $35,000, with the group entitled to 100 percent of house winnings, while being responsible for any house losses. Operations of the tables officially commenced on October 1st, 2024.
