The redeemable preference shares with a total nominal value of MOP 1.947 billion issued by the Macau International Airport Co., Ltd. (CAM) have fully been subscribed.

After extensive research and preparation, CAM convened an extraordinary general assembly on 14th May and approved the joint proposal of the two major shareholders – the Macao SAR Government and the Sociedade de Turismo e Diversões de Macau, S.A. (STDM). The assembly approved a reduction in the share capital of CAM motivated by losses, and a simultaneous increase of the share capital by issuing redeemable preference shares with a total nominal value of MOP 1.947 billion to the company’s shareholders. The cash proceeds from issuance of shares will be used to repay bank loans falling due in June.

The subscription of the redeemable preference shares was carried out in two stages. From 15th to 30th May, the first stage of subscription was open for all the shareholders of the company to exercise their right of preference to subscribe new shares proportionally to their shareholding. At this stage, the Macao SAR Government and STDM subscribed 55.24% and 33.03% new shares respectively according to their original shareholding, while the remaining 11.73% was not subscribed. Thus the second stage of subscription followed to allow the shareholders who had subscribed their proportions in the first round to consider buying the remaining shares. Finally, the Macao SAR Government subscribed all the remaining shares.

The redeemable preference shares subscribed by the Macao SAR Government add up to 66.97% of the total nominal value of MOP 1.947 billion, and the remaining 33.03% has been subscribed by STDM.