New Gov’t supervision office received corporate information from 23 public companies

The new Macau SAR Public Assets Supervision Planning Office indicated today (Monday) that it has already received company structure and financial reports provided by 23 public companies where the local government holds a majority or minority stake, however two declined to make such information public.

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.

The new office headed by Secretary for Administration and Justice Sonia Chan Hoi Fan indicated that as of today it reviewed and published on its website the company information provided by 17 companies – 12 parent companies and 5 subsidiaries – where the administration holds a majority share.

These include Macau International Airport Co. Ltd. (CAM), Macau Urban Renewal Limited and Macao Light Rapid Transit Corporation Ltd.

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 – choosing to reveal the complete required data.

On the other hand, five public companies where the Macau SAR holds 50 per cent of its financial holdings decided to only partially reveal some of their corporate structure and financial reports, with two companies – telecom company CTM and energy supplier CEM – deciding to not disclose any information.

In effect, as of today, 13 public companies have their respective information available at the new supervising office, with seven still under review and two with no information provided.

Currently, the information provided by Macao Investment and Development Limited, one of the largest public companies where local authorities hold more than a 50 per cent share, is still under review.

‘The office will keep in touch with interested companies, request additional information and reveal it in a timely manner through the platform, so that the public can get to know the functioning and financial situation of publicly-held companies in time, thereby raising the level of transparency information from publicly traded companies,’ the new supervision department indicated.