Macau (MNA) – Macau Insurance Company Limited (Companhia de Seguros de Macau, S.A., “CSM”) received approval for an injection and issue of shares worth MOP100 million (US$12.4 million) on Wednesday, as stated in the Macau SAR Official Gazette.
Once the announced injection is effective, CSM will see its share capital increase from MOP120 million to MOP220 million.
The Monetary Authority of Macau (AMCM) told MNA that the injection intends to “enhance the competitiveness of … CSM and cope with the business development in the general insurance market”.
The expansion will be accomplished by issuing 100,000 shares of MOP1,000 each. The company will be represented by 220,000 shares of 1,000 each upon completion of the operation, the executive order published in the Official Gazette detailed.
AMCM clarified to MNA that “after the increase of the share capital of CSM, the percentage of shares held by each shareholder of CSM will remain unchanged, i.e. 78 per cent and 18 per cent of shares of CSM are held by DSMI Group Limited and DSGI Limited respectively”.