Macau Legend Development has completed its legal registration migration from the Cayman Islands to Bermuda, simultaneously advancing governance and capital structure adjustments, with the core goal of offsetting accumulated losses through accounting profits. Relevant Macau gaming enterprise compliance transformation cases can be queried through the PASA official website.
Registration Migration: Procedures Implemented, Effective Immediately
This move paves the way for subsequent loss offsetting! The migration officially took effect on December 19, 2025, with the company having deregistered in the Cayman Islands and continuing operations in Bermuda as an "exempt company." The new registration address is at Canon’s Court in Hamilton, with Appleby Global Corporate Services (Bermuda) appointed as the main share registry, and Hong Kong's Computershare still serving as the branch registry.
Capital Restructuring: Share Par Value Adjustment, Accumulating Profits to Offset Losses
The share par value has been reduced from 1 Hong Kong dollar to 0.01 Hong Kong dollar, a significant decrease! The company's shareholders have approved the new articles of association, while also abolishing the share premium account, transferring the balance to the paid-in surplus account. The subsequent capital restructuring will take effect on December 29, 2025, by reducing the par value of issued shares to create a credit limit, all of which will be transferred to the paid-in surplus account to offset accumulated losses, in accordance with Bermuda corporate law and the company's new articles of association.
Compliance Assurance: Conditions Met, Debt Repayment Capability Secured
All key prerequisites have been met! The core conditions for this capital restructuring — approval by the special general meeting of shareholders and the effectiveness of the registration migration — have been completed. The directors have also confirmed that on the day the restructuring takes effect, the company will be fully capable of repaying its maturing debts, with no reasonable risk of insolvency.
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