Nov 09, 2020 Newsdesk Latest News, Macau, Top of the deck
Levo Chan Weng Lin (pictured in a file photo), chief executive of Macau gambling junket firm Tak Chun Group, would along with its chief financial officer (CFO), join the board of Hong Kong-listed casino services firm Macau Legend Development Ltd, as part of proposals with links to a “mandatory unconditional cash offer” for a balance of the issued shares of Macau Legend.
Mr Chan and parties linked to him would not plan to introduce any “major changes” to the existing operation of Macau Legend, said an update filed by the latter firm.
Nonetheless Mr Chan’s side would intend to review Macau Legend’s “operations and financial position” following the close of the compulsory offer. Subject to such a review, acquisitions or disposals of assets might be considered if it would help the group’s development, said the update.
Macau Legend runs three casinos in Macau – Landmark, Babylon and Legend Palace – under a so-called services agreement with Macau licensee SJM Holdings Ltd. Macau Legend also has a tourism complex called Macau Fisherman’s Wharf, a waterfront area close to the Outer Harbour Ferry Terminal on Macau peninsula.
The firm has additionally invested in a Laos casino resort.
The cash offer for those Macau Legend shares – roughly 29.2 percent of the company – not already held by a legacy stakeholder group acting in concert, is due to close on November 24.
According to a November 3 filing to the Hong Kong bourse by Macau Legend, Mr Chan, another senior Tak Chun executive, and a further candidate, would join Macau Legend’s board on successful completion of the cash offer; the latter an exercise required under the Hong Kong exchange’s takeovers code.
That is because interests linked to Mr Chan had already acquired on October 5 a 20.65-percent stake in Macau Legend, making his interests the largest-single shareholder in that casino-services business.
At the successful closure of the new, compulsory, offer, Mr Chan and Tak Chun Group’s CFO, Tsang Ka Hung – plus one other person – would be nominated by an entity controlled by Mr Chan, to be new Macau Legend directors.
After all that, David Chow Kam Fai, one of the founders of Macau Legend, would continue as co-chairman of the group and would become a non-executive director.
Mr Chow’s wife, Melinda Chan Mei Yi, would continue to act as chief executive and an executive director. But the couple’s son, Donald Chow Wan Hok, along with Sheldon Trainor, would resign as Macau Legend executive directors.
Carl Tong Ka Wing would also resign as the co-chairman and non-executive director of the board, according to the November 3 filing.
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