Levo Chan ups to 33pct of Macau Legend, joins board

Levo Chan now hold 33.19 percent of Hong Kong-listed casino services firm Macau Legend.

Mr Chan has been appointed as executive director and co-chairman of Macau Legend.

Interests controlled by casino junket boss now hold 33.19 percent of Hong Kong-listed casino services firm Macau Legend Development Ltd after the closure on Tuesday of a HKD809.8 million compulsory offer – in cash – for shares of  under Hong Kong Takeovers Code.

As had been flagged before the offer, a Tuesday filing to the Hong Kong bourse confirmed that following the exercise, Mr Chan, chief executive of junket firm Tak Chun Group; and Tsang Ka Hung, CFO of Tak Chun, join the Macau Legend board.

Macau Legend runs three casinos in Macau under a so-called services agreement with Macau licensee Ltd. Macau Legend also has a tourism complex called Macau Fishermans Wharf, a waterfront area close to the Outer Harbour Ferry Terminal on Macau peninsula.

The cash consideration was based on valid acceptances in respect of just over 771.2 million offer shares at HKD1.05 per unit, representing 12.44 percent of the total issued share capital of Macau Legend.

David Chow Kam Fai, an executive director and the co-chairman of the board and one of Macau Legend’s founders, has been redesignated as a non-executive director, following the closure of the offer, but remains as co-chairman of the board.

Editing by Rachel Hu