• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Tak Chun junket boss due for Macau Legend takeover offer

Sep 21, 2020 Newsdesk Latest News, Macau, Top of the deck  


Tak Chun junket boss due for Macau Legend takeover offer

Interests controlled by Macau junket boss Levo Chan, chief executive of Tak Chun Group, are set to make a compulsory offer for roughly 29.2-percent of the shares of casino services and hotel firm Macau Legend Development Ltd. That follows the acquisition last week of a 20.65-percent stake in the latter company,  which made Mr Chan the largest-single shareholder in Macau Legend.

The acquisition of the 20.65 percent holding means Mr Chan and entities controlled by him, are now acting in concert with other existing shareholders in Macau Legend, therefore representing in aggregate approximately 67.44 percent of the total issued share capital of the company, according to a Monday filing.

Under Hong Kong’s Takeovers Code, interests controlled by Mr Chan “will be required to make a mandatory unconditional cash offer” for all the issued shares of the firm, other than those already controlled by the stakeholder group that is acting in concert.

Shareholders should be notified of such a takeover offer within 21 days, added the filing by Macau Legend.

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.

Last week it emerged that former Macau legislator David Chow Kam Fai  and former banker Sheldon Trainor had dramatically reduced their shareholdings in Macau Legend, as part of a deal that saw Mr Chan’s interests become the largest-single stakeholder.

Monday’s filing from Macau Legend said interests controlled by Mr Chan would be offering HKD1.05 (US$0.1355) per share under the mandatory offer. The 32.6-percent stake not controlled by the group acting in concert is equivalent to just below 2.02 billion shares in Macau Legend.

But a 3.37-percent stake in Macau Legend is controlled by a unit of SJM Holdings, which has an agreement with the parties linked to Mr Chan not to accept the offer with respect to the shares it holds. As such, the offer will be for a stake of 29.09 percent held by other public shareholders of Macau Legend, plus 0.11 percent controlled by a non-executive director of the company, according to the latest filing.

The firm had just over 6.20 billion issued shares  – and no outstanding options, derivatives, warrants or securities that could be converted into shares.

Mr Chan – officially Chan Weng Lin – has already spent about US$173 million, acquiring about 1.28 billion shares.

Monday’s filing stated that at the conclusion of a further mandatory offer, the offeror “intends to maintain the listing of the shares on the main board of the Stock Exchange”.

It added Macau Legend had applied for – and been granted – a waiver from strict compliance with maintain a minimum 25 percent public float, and been permitted “a lower percentage of 19.04 percent upon listing of the shares”.

The firm said independent non-executive directors on Macau Legend’s board would make a recommendation to shareholders regarding acceptance of the terms of the mandatory offer. They would be advised by Altus Capital Ltd.

Mr Chow will continue to serve as co-chairman of Macau Legend and will become a non-executive director. Melinda Chan Mei Yi – Mr Chow’s wife – will continue to act as an executive director and the firm’s chief executive, according to a company statement.

Separately in a Monday press release, Macau Legend said it had obtained additional bank funds “for its operation and development in Macau and Hengqin”.

The press release said the company had obtained an additional HKD450 million funding as part of a HKD2.3-billion loan refinancing initiative with Luso International Banking Ltd and CMB Wing Lung Bank Ltd – Macau Branch.

“The new facility arrangement has improved the company’s debt structure, as well as strengthened the company’s cash flow position,” said Mr Chow, Macau Legend co-chairman and an executive director, as quoted in the document.


  • tweet
Related articles
  • Verdict in Levo Chan case set for April 21: Macau court
    Verdict in Levo Chan case set for April...

    Mar 08, 2023  

  • Ex-junket boss Levo Chan aimed to go to Taiwan: police
    Ex-junket boss Levo Chan aimed to go to...

    Feb 07, 2023  

More news
  • Nagasaki says Credit Suisse woes not to impact IR plan
    Nagasaki says Credit Suisse woes not to...

    Mar 20, 2023  

  • Macau GGR for March 1 to 19 at US$845mln: JP Morgan
    Macau GGR for March 1 to 19 at...

    Mar 20, 2023  


Latest News

Nagasaki says Credit Suisse woes not to impact IR plan

Nagasaki says Credit Suisse woes not to impact IR plan

Mar 20, 2023  

Credit Suisse Group AG, described last year by Nagasaki governor Kengo Oishi as one of several potential “financial arrangers” for a proposed casino resort project within that Japanese prefecture...
Read More
Macau GGR for March 1 to 19 at US$845mln: JP Morgan

Macau GGR for March 1 to 19 at US$845mln: JP Morgan

Mar 20, 2023  

Let’s Win hosts grand opening for club at Hoiana in Vietnam

Let’s Win hosts grand opening for club at Hoiana in...

Mar 20, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


1.59 million

Total number of visitor arrivals to Macau in February



Most Popular

  • Universal Ent seeks to end SPAC deal for Okada Manila listingUniversal Ent seeks to end SPAC deal for Okada Manila… March 20, 2023
  • Let’s Win hosts grand opening for club at Hoiana in VietnamLet’s Win hosts grand opening for club at Hoiana in… March 20, 2023
  • Macau GGR for March 1 to 19 at US$845mln: JP MorganMacau GGR for March 1 to 19 at US$845mln: JP Morgan March 20, 2023
  • Macau visitor tally up 14pct m-o-m in FebruaryMacau visitor tally up 14pct m-o-m in February March 17, 2023
  • LET Group flags 2022 loss of US$52mln, Hoiana repays loanLET Group flags 2022 loss of US$52mln, Hoiana repays loan March 20, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us