Century Entertainment said in a Monday filing that its Chairman, CEO and controlling shareholder Ng Man Sun breached Hong Kong Stock Exchange listing rules when he dealt in securities of the company during a mandatory 30-day blackout period prior to release of its interim 2025 results in November.
However, the Board of Directors has described the incident as an “unintended mistake” by Ng that “does not materially affect his suitability to act as a Director or raise any serious concern as to the integrity of Mr Ng.”
The incident relates to Ng entering into a sale and purchase agreement with Ms Ho Tsz Ying late last year through which Ho purchased the convertible bonds issued by the company to Ng in the principal amount of HK$32 million and due in December 2026, as well as a placement agreement for the placement of 35,980,459 shares owned by Ng in favour of Ho.
According to information from Century Entertainment, the formal agreements had been scheduled to take place on 26 October – outside of the blackout period – but was delayed until 4 November at the request of Ho. The company’s interim results were released in late November.
Ng did not infirm any directors of the agreements as he was the only one designated to receive such acknowledgements. Century Entertainment said it has since determined that its current reliance on the sole executive director as recipient of the relevant notice is unsatisfactory and will nominate another director in addition to Ng for receiving relevant notices in similar instances in the future.
In relation to the sale of the HK$32 million convertible bonds, the company said that Ho has provided an undertaking similar to that previously offered by Ng that she will not call for repayment of the convertible bonds and will further provide sufficient financial support for the group’s working capital for at least the next 12 months as and when required.
Ng has also confirmed that he will continue to oversee the management and operation of the gaming business in Cambodia, it explained.
As previously reported by IAG, Century Entertainment recently commenced operations of a new VIP gaming table business in Cambodia’s Dara Sakor after a four-year delay.
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