Company: MEGL
Filing Date: 2025-05-09
Form Type: F-1
Source: 0001641172-25-009448
Chunk: 13

Company: Magic Empire Global Ltd
Filing Date: 2025-05-09
Form: F-1
Chunk 13
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 September 22, 2022                                                         
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 Issued Share Capital of HK$100                                                             
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 an investment holding company                                                              |     | 100%          
 owned by GFHL |
| GCSL |     | -                                                                                          
 A Hong Kong company                                                                        
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 Incorporated on August 3, 2023                                                             
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 Issued Share Capital of HK$100                                                             
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 provide corporate services                                                                 |     | 100%          
 owned by GFHL |

| 2 |

As of the date of this prospectus, our directors, officers and principal shareholders held in aggregate 52.1% of our total issued and outstanding shares, representing approximately 89.9% of the total voting power. After this offering, our directors and officers will hold in aggregate 13.1% of our total issued and outstanding ordinary shares, representing 55.4% or more of voting power of our Company. These shareholders, if they act together, will be able to control the management and affairs of our Company and most matters requiring shareholder approval, such as the election of directors, amendments to our organizational documents and any merger, consolidation, sale of all or substantially all of our assets or other major corporate transactions.

Transfers of Cash To and From Our Subsidiaries

As part of our cash management policies and procedures, our management monitors the cash position of our subsidiaries regularly and prepares budgets on a monthly basis to ensure they have the necessary funds to fulfill their obligations for the foreseeable future and to ensure adequate liquidity. In the event that there is a need for cash or a potential liquidity issue, it will be reported to our chief financial officer and subject to approval by our Board. Other than as discussed above, we did not adopt or maintain any cash management policies or procedures as of the date of this prospectus.

Cash is transferred through our organization in the following manner: (i) funds are transferred to our subsidiaries from MEGL as needed in the form of capital contributions or shareholder loans, as the case may be; and (ii) dividends or other distributions may be paid by our subsidiaries to MEGL.

MEGL has the power and capacity under the laws of the BVI to provide funding to our subsidiaries in Hong Kong subject to certain restrictions laid down in the BVI Act and memorandum and articles of association of MEGL. Under the BVI Act, a BVI company may make a dividend distribution to its shareholders if the directors are satisfied, on reasonable grounds, that such BVI company will