Macau Legend subsidiary disposes of bonds with aggregate principal of US$25.5m
According to a company filing, the decision was taken in light of the market situation after the latest outbreak of Covid-19 cases.
Macau.- Macau Legend Development Ltd has announced that Macau Fisherman’s Wharf International Investment Ltd (MFW), a subsidiary of the company, has disposed of bonds with an aggregate principal amount of HK$200m (US$25.5m) through the open market.
According to the company’s statement, nobody connected to the company or associates has purchased the bonds, which were issued on December 7, 2018 by Luso International Banking Limited, a limited company incorporated in Macau. The bonds carry an interest rate of 8 per cent per annum, payable semi-annually in arrears.
The interest income attributable to the bonds was approximately HK$16m for each of the financial years ended December 31 2019, 2020 and 2021 and approximately HK$8m for the six months ended June 30 2022.
According to its statement, the company purchased the bonds for investment purposes and has disposed of them in light of the market situation. The company said the disposal was a good opportunity to strengthen cash flow and better structure its asset portfolio.
It is expected that the group will record a loss of approximately HK$8m as a result of the disposal, subject to auditors’ review. The loss represents the difference between the proceeds from the disposal and the fair value of the bonds as of December 31 2021.
Levo Chan charged by Macau prosecutors
Levo Chan Weng Lin has been formally charged by Macau’s Public Prosecution Office following his arrest in January. The former CEO and a controlling shareholder of Macau Legend Development Limited and chairman of Tak Chun Group, the second-largest junket operator in Macau, was arrested for allegedly engaging in illegal gambling activities, running a crime syndicate and money laundering.
Chan has been charged with other eight people. However, he is the only one of the nine to have been detained in prison. According to local media, Chan could face a maximum possible sentence of 20 years in prison.
