Century Entertainment sells convertible bond to CEO

Century Entertainment International CEO Ng Man Sun has bought a HK$32m convertible bond.

Cambodia.- Hong Kong-based Century Entertainment International Holdings has issued a company filing announcing that it has finalised the sale of a convertible bond worth HK$32m (US$4.1m) to its chairman and chief executive officer, Ng Man Sun. 

The company said that the subscriber and close associates in aggregate held 35,872,196 shares, representing approximately 27.97 per cent of the total issued shares. The bond is set to mature in 36 months and is interest-free, with the option to convert it into a maximum of 125 million shares priced at $0.256 each. 

Century Entertainment has reported that it expects to record a loss of approximately HK$63m (US$8.04m) for the last financial year, a widening from HK$3.7m in the previous fiscal year. It attributes the increased loss to the write-off of intangible assets and impairment losses on receivables. 

Earlier this year, the company secured a new five-year agreement to operate eight gaming tables in Dara Sakor, Koh Kong. It shifted its gaming north from Sihanoukville during the pandemic through a deal with Lion King Entertainment.