Junket CEO acquires 20.65% of Macau Legend

A firm listed in the British Virgin Islands under the name Perfect Achiever Group has made the acquisition for about US$173 million. 

Macau.- Chan Weng Lin, chief executive officer of the Macau junket Tak Chun Group, has increased his participation in casino operator Macau Legend Development to become its second largest stakeholder.

The firm had halted trading of its shares on the Stock Exchange of Hong Kong on Monday morning, stating that news was to come that would fall under the Hong Kong Code on Takeovers and Mergers.  

Chan already owned about 0.11 per cent of Macau Legend’s shares. Now an entity controlled by Chan and listed in the British Virgin Islands under the name Perfect Achiever Group has acquired a further 20.65 per cent stake for HKD1.34 billion (US$173.4 million).  

The group purchased just over 1.28 billion shares at a price of HKD1.05 per share. 

The biggest stakeholder in Macau Legend remains co-chairman David Chow Kam Fai, who controls almost 29.9 per cent of the company’s shares.