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The latest announcement is out from Century Entertainment International Holdings Limited ( (HK:0959) ).
Century Entertainment International Holdings has revealed that a 2021 payment of about HK$8.19 million as a refundable security deposit to Lion King, a company wholly owned by then chairman and CEO Mr. Ng, was a connected transaction that was not disclosed at the time as required under Hong Kong Listing Rules. The deposit, paid to secure gaming table business rights in a new casino and support operational preparations, should have been reported and announced under Chapter 14A, prompting the board to acknowledge the breach, commit to remedial internal control measures, and note that trading in its shares remains suspended pending further updates.
The company emphasised that the deposit was made on normal commercial terms in the ordinary course of business to facilitate systems testing and staff training for the gaming table operations. While the transaction was exempt from circular and independent shareholder approval requirements due to its size, the failure to disclose it has led the board to express regret and to outline steps to strengthen regulatory compliance as the prolonged suspension of trading continues to affect shareholders and potential investors.
The most recent analyst rating on (HK:0959) stock is a Hold with a HK$0.72 price target. To see the full list of analyst forecasts on Century Entertainment International Holdings Limited stock, see the HK:0959 Stock Forecast page.
More about Century Entertainment International Holdings Limited
Century Entertainment International Holdings Limited is a Bermuda-incorporated company listed on the Hong Kong Stock Exchange, engaged in gaming-related businesses. The group’s activities include participation in gaming table operations through assigned business rights in casinos, with a focus on gaming table businesses in new casino venues.
Technical Sentiment Signal: Buy
Current Market Cap: HK$92.34M
Learn more about 0959 stock on TipRanks’ Stock Analysis page.