Most public companies with minority Gov’t share did not provide info to new supervision office

Most public companies where the Macau SAR government holds a minority stake chose to not provide financial information to the new Public Assets Supervision Planning Office.

New administrative regulations enforced on June 23 mandated that by July 22 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.

About 10 days on since revealing its public access website, the new office headed by Secretary for Administration and Justice Sonia Chan Hoi Fan published the financial information of 14 where the administration holds a majority share.

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.

However, for public companies where the administration holds less than 50 per cent – who are are not mandated to divulge the information required – only one company – the Civil Engineering Laboratory of Macau – chose to reveal the complete required data.

Two companies – telecom company CTM and energy supplier CEM – declined to follow the proposed guidelines to disclose any information.

Macau News Agency contacted the two companies on the matter, with only CEM replying, with local telecom company indicating that its financial results are already regularly published on local newspaper, the government official gazette and on the company’s website.

The remaining companies chose to reveal some information concerning its corporate structure but did not provide full financial reports.

Macauport – Sociedade de Administração de Portos, S.A., for example, indicated that it is currently unable to present information on the accounts and the annual activity report because a General Assembly has not yet been held due to the epidemic.

Local airline carrier Air Macau meanwhile published its company charter, the company’s basic information – address contact number – but decided to not provide any more information to the new Office.

Water treatment company Waterleau Macau Limitada provided its basic company information, administration and a 2019 audit report but no information on its shareholding structure or acquisitions involving the group.

Then we have the case of the US$1 billion China-Portuguese-speaking Countries Co-operation and Development Fund, which is divided into an entity registered in Macau and another entity registered in the Cayman Islands, with both choosing to not disclose any information apart from the basic.