An entity controlled by Chan Weng Lin, also known as Levo Chan (pictured), the chief executive of Macau junket brand Tak Chun Group, acquired on Friday a 20.65-percent stake in Macau casino services firm Macau Legend Development Ltd, for about US$173 million.
That is according to information lodged with the Hong Kong Stock Exchange on Tuesday.
The information said the stake was in the name of Perfect Achiever Group Ltd, a British Virgin Islands firm wholly-owned by Mr Chan.
The purchase price was HKD1.05 per share, for just above 1.28 billion shares, representing a consideration of HKD1.34 billion, or about US$173.4 million.
According to the information filed, Mr Chan already previously owned – personally – a 0.11 percent stake in Macau Legend. Following the deal, he now controls a stake of 20.75 percent in the firm.
Mr Chan is now the second biggest shareholder in the company, only behind company co-chairman David Chow Kam Fai. Mr Chow controls a stake of almost 29.9 percent, according to information from the Hong Kong Stock Exchange.
Macau Legend had suspended trading in its shares with effect from 9am on Monday, pending an announcement of inside information relating to the Hong Kong bourse’s takeovers and mergers rules. It is expected the firm will issue further details on the deal soon.
Macau Legend runs three casinos in Macau under a so-called services agreement with Macau licensee SJM Holdings Ltd, and has also invested in a Laos casino resort.
GGRAsia reported last month – quoting industry insiders – that some of the city’s junket firms had shown interest in acquiring Macau Legend’s gaming and tourism complex Macau Fisherman’s Wharf, a waterfront area located close to the Outer Harbour Ferry Terminal in Macau peninsula.
Jul 23, 2021Macau casino operator Sands China Ltd is to have a “full opening” for Londoner Court, with its 300-plus accommodation units, in time for October Golden Week, said on Friday, Wilfred Wong Ying Wai...
“We see that basically the ‘golden’ periods [for Macau's casino industry] are all concentrated in the second half of this year”
Lei Wai Nong
Macau’s Secretary for Economy and Finance