Corporate Bits: MGM management recognized with four awards

MGM China Holdings Limited has been recognized by the renowned financial publication FinanceAsia in the “Asia’s Best Companies Poll 2015.” The company was ranked among the top five in all four categories of the polling for large cap companies that are listed on the Hong Kong Stock Exchange (SEHK).
“To have our local management team recognized as being one of the best managed companies on the Exchange, alongside some of the most successful companies in the region, is a great compliment to the capabilities and dedication of our Macau team,” said Grant Bowie, CEO and executive director of MGM China.
The poll gathered votes from over 250 investors and analysts who hail from all companies on the SEHK and across the region. The companies were assessed on overall management, corporate governance, investor relations and commitment to strong dividend payments.

cem annual general meeting

The Annual General Meeting of Companhia de Electricidade de Macau – CEM, S.A. (CEM) was held today at the CEM Building. The Annual General Meeting approved the 2014 Annual Report. The total gross consumption in 2014 reached 4,677 gigawatt-hours (GWh), signifying an increase of 6 percent compared with 2013. The peak demand was 845 megawatts (MW). The net profit in 2014 was MOP608 million. According to a press release issued by CEM, the reliability of the electricity supply, based on CEM’s responsibility, “was 99.9997 percent, a figure higher than that of the previous year.”
While the oil price was still relatively high for the whole of 2014, the price of imported electricity was up by about 1.6 percent due to the appreciation of the Renminbi.
The capital investment of CEM was MOP743 million in 2014, of which MOP539 million was assigned to the upgrade and expansion of the transmission and distribution network. In order to align with the government’s target of decommissioning the Macau Power Plant, CEM stated that it will continue to negotiate with the government to replace some old and inefficient diesel power generation units with a set of eco-friendly and efficient combined cycle gas turbine generators. This, according to CEM, will ensure that the local power generation capacity is retained, and that the power supply is safe and stable.