Casino and hotel operator Macau Legend said it plans to raise up to HK$93 million ($11.9 million) through a rights issue as it struggles with mounting losses and tight liquidity.
The company will issue one rights share for every two existing shares at HK$0.30 ($0.038) each, about 45 percent below its last closing price, according to a Hong Kong Stock Exchange filing. The offer, fully underwritten by East Asia Securities and Platinum Broking, will increase the company’s share base by half to 930 million.
Net proceeds of around HK$86.9 million ($11.1 million) will be used for working capital, including payments for trade liabilities, property taxes and interest expenses, Macau Legend said.
Major shareholders, including chairman Chan Weng Lin’s Perfect Achiever Group and Elite Success, have pledged to take up their full entitlements.
Macau Legend, which operates the Legend Palace casino under a services deal with SJM Holdings and runs the Fisherman’s Wharf entertainment complex (where Legend Palace is located), posted a HK$1.42 billion ($182 million) net loss in the first half of 2025 after losing HK$622 million ($80 million) last year.
The company cautioned the fundraising remains subject to regulatory approvals and underwriting conditions, and may not proceed.
