Tak Chun Group CEO Levo Chan has completed the acquisition of a 20.65% stake in Macau Legend Development Ltd, taking his interest in the company to 20.75% and making him its single largest shareholder.
According to a filing by Macau Legend, the transaction was completed on Monday with Chan’s 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).
As previously reported by Inside Asian Gaming, his 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.
Chow and wife Melinda Chan – Macau Legend’s CEO – see their deemed interests fall from 20.89% to 9.89%, while Executive Director Sheldon Trainor-DeGirolamo has seen his stake reduced from 1.38% to 0.73% for a consideration of HK$40 million (US$5.2 million).
Monday’s filing also confirmed that Chan is expected to make a mandatory cash offer for all remaining shares in the company within the month, with terms of the offer due to be distributed to shareholders inside the next week.
A group comprising Chow and Melinda Chan, fellow directors Trainer and Li Chi Keung, and Chow’s mother and former director, Madam Lam Fong Ngo, have already stated they will not sell their remaining shares, however Levo Chan could still see his stake increase to almost 50% if all remaining shareholders accept his offer.
The Tak Chun boss is already deemed to have majority say in the company’s direction with the aforementioned group revealing he would act in concert with them and become the leader of the group, representing a combined 67.44% of the total issued share capital of the company.
Macau Legend has stated that Chan has no intention of making substantial changes to the existing operations of the company or to terminate employees, but that he would conduct a review on its operations and financial position “for the purpose of formulating business plans and strategies for the Group’s long-term business development and will explore other business opportunities for the Group.”
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.