Macau Property Opportunities Fund Ltd - Guernsey-based investment firm - Notes recent drop in share price after the Macau government announced that it will be launching a long-awaited public consultation for a revised gaming law framework and casino regulatory system. Local government will look into additional government oversight, permission for the remittance of dividends and for government delegates to be designated to oversee gaming operators.
"The uncertainty created by the renewal of casino licences has been covered in our earlier reports. The ultimate decision will be an important step in determining Macau's future direction. The board and the manager continue to keep any direct and indirect effects of recent developments on the company's portfolio under close review," company says.
Adds: "From an economic standpoint, the manager holds the view that these latest proposals can be viewed positively, since the Macau government state that they are ultimately intended to strengthen Macau's casino industry and ensure its long-term growth and sustainability."
Notes no changes to portfolio or financial status since fall in share price.
"For the avoidance of doubt, the company has no investments or direct exposure to any gaming or casino operations," company adds.
Current stock price: 53.00 pence
Year-to-date change: down 22%; down 19% since September 10
By Paul McGowan; paulmcgowan@alliancenews.com
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Macau Property (MPO)