Head of Tak Chun Group acquires 21pct stake in Macau Legend

A company owned by the Chief Executive of local junket Tak Chun Group, Chan Weng Lin, has acquired a 20.65 per cent stake in Macau Legend Development Ltd.

The purchase deal took place on September 11, with a corporation named Perfect Achiever Group Limited and registered in the Cayman Islands acquiring more than
1.28 billion shares for HK$1.05 per share, representing some HK$1.34 billion (US$173.4 million).

The information was published in a disclosure of information filing with the Hong Kong Stock Exchange today (Tuesday)

Yesterday the company founded by David Chow Kam Fai had issued a trading halt alert pending the release of an announcement of inside information of the Company pursuant to the Hong Kong Code on Takeovers and Mergers.

On March 26 of this year, David Chow has ceased to act as the chief executive officer of Macau Legend after the appointment of his wife, Melinda Chan Mei Yi, an executive director and CEO of the Company.

He remains co-chairman and executive director in the gaming company and holds a stake of almost 29.9 per cent in Macau Legend.

Macau Legend Development Limited reported a net loss expansion for the first half of this year to some HK$569.4 million in losses for the period, as gaming revenue decreased by 67 per cent year-on-year to some HK$287.1 million.

The group’s revenue is mainly generated from service income received from gaming operator SJM for services and facilities provided for mass-market tables, VIP tables and slot machines, plus casino operations in Laos.