Macau casino operator Macau Legend Development Ltd has warned that it expects trading in its shares to be halted from 1 April 2022 due to delays in publication of its financial results for FY21.
The company said Wednesday that it is unable to finalize its consolidated financial statements for the year ended 31 December 2021 due to the travel restrictions and quarantine measures related to the COVID-19 pandemic, and will therefore require additional time to do so. As such, it will not be able to publish its annual results on or before 31 March 2021, as required under Hong Kong listing rules.
Those rules also stipulate that listed companies must announce any available results based on any information available that has yet to be agreed with the auditor. However, Macau Legend said it is “of the view that it would not be appropriate for the company to publish the unaudited management accounts … at this stage as such management accounts may not accurately reflect the financial performance and position of the company.
“Accordingly, trading in the shares of the Company on the Stock Exchange is currently expected to be suspended with effect from 9am on 1 April 2022 until the publication of the announcement in relation to the 2021 Annual Results by the company.”
Macau Legend only recently announced that Melinda Chan had been reappointed as its new CEO for the remainder of 2022 following the arrest of former Chairman and CEO Levo Chan in January.
Melinda Chan had previously served as CEO for nine months in 2020 before Levo Chan – better known as the head of then-leading Macau junket Tak Chun Group – acquired a personal 33.2% stake in Macau Legend. He was appointed Chairman and CEO shortly afterwards but was forced to step down last month following his arrest on charges of criminal organization, illegal gambling and money laundering.
Macau Legend operates Legend Palace and Babylon casinos in the Macau Fisherman’s Wharf precinct under the license of SJM Resorts, as well as Savan Legend in Laos.
