The lack of interest from minor private shareholders has forced the government to subscribe to the remaining new non-voting, redeemable preference shares issued by the beleaguered Macau International Airport Co Ltd (CAM), English-language newspaper Business Daily reports. Mid-last month the company announced it was issuing new shares, the cash proceeds of which would be used to repay bank loans deriving from the financing needs of the airport infrastructure back in its early stage of construction. By May 30, the first deadline for subscribing to the new shares, only the government and Sociedade de Turismo e Diversões de Macau SA (STDM) had joined the effort to inject almost MOP2 billion (US$250 million) in capital. The government had subscribed 55.24 percent and STDM 33.03 percent of the MOP1.95 billion worth of new shares. “The second round of subscription was, therefore, carried out and the Macau government has decided to subscribe the rest of the preferential shares,” the aviation regulator told Business Daily.
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