Information filed with the Hong Kong Stock Exchange this week has revealed that Tak Chun Group CEO Levo Chan – who acquired a 20.65% stake in Macau Legend Development Ltd – is now the company’s largest single shareholder.
Chan, who previously held a small 0.11% interest in Macau Legend, has substantially increased his stake in recent days with his wholly-owned investment firm Perfect Achiever Group Ltd acquiring 1,280,237,424 shares for a total consideration of HK$1.28 billion (US$165.2 million). He is now deemed to hold 20.75% of the company’s issued share capital.
According to updated information revealed via a series of disclosures on the HKSE on Wednesday, Chan’s stake has been acquired directly from Macau Legend Chairman David Chow as well as a company called All Landmark Properties Ltd of which Chow is listed as sole director.
The transaction, completed last Friday but only revealed this week, sees the stake in Macau Legend held by Chow and wife Melinda Chan – Macau Legend’s CEO – drop from 20.89% to 9.89%.
Executive Director Sheldon Trainor-DeGirolamo has also reduced his stake from 1.38% to 0.73% for a consideration of HK$40 million (US$5.2 million).
Macau Legend operates casinos at Macau’s Legend Palace and Babylon under license from SJM, both located within the company’s Macau Fisherman’s Wharf precinct. It also owns Savan Legend in Laos and a shopping complex in Hengqin.
Trading in the company’s shares remained suspended as of Thursday morning.