Gov’t not planning to divest from Macau Productivity and Technology Transfer Center

The Macau SAR Public Assets Supervision Planning Office has issued a statement today (Thursday) in which it clarifies that authorities are not planning to divest from the Macau Productivity and Technology Transfer Center (CPTTM).

Yesterday the new department head, Sonia Chan, revealed that after a review of its participation in several companies, the Macau SAR government decided to divest its 15 per cent stock share in local technology incubator Macau New Technologies Incubator Centre (Manetic).

At the same time, the former Secretary for Administration and Justice indicated that local authorities were planning to withdraw capital from another undisclosed company where they held a minority share.

With some media reports speculating this entity would be the CPTTM, a non-profit organization jointly established by the Macau Government with similar functions from those of Manetic, authorities decided to clarify they will not divest from the entity, but without indicating the actual company from which public capital will be withdrawn.

New administrative regulations enforced June of this year mandated that publicly traded companies in which the Macau SAR or other public legal entities hold, directly or indirectly, and cumulatively, financial interests of more than 50 per cent would have to disclose their company and financial information to the office.

These include some of the SAR’s largest public companies, including Macau International Airport Co. Ltd. (CAM), Macau Urban Renewal Limited, Macao Light Rapid Transit Corporation Ltd and the Macau Investment and Development Limited.

The Macau SAR Public Assets Supervision Planning Office was also created this year as the entity responsible for the supervision of these public entities, with Sonia Chan stating that the office has not found any irregularities in the financial reports provided.