Levo Chan will join the board after becoming the largest single shareholder in the casino and hotel operator.
Macau.- Tak Chun Group, a gambling junket based in Macau, has announced its CEO, Levo Chan, will join the board of Macau Legend in order to continue a compulsory offer for 29.2 per cent of its shares, a requirement set by Hong Kong’s takeovers code.
The mandatory unconditional cash offer followed Tak Chun’s acquisition of a 20.65-per cent stake in Macau Legend, which has made Mr. Chan the largest single shareholder.
According to a statement, Mr Chan and parties linked to him do not plan to introduce any “major changes” to the existing operation of Macau Legend.
His intentions are to review Macau Legend’s operations and financial position following the close of the compulsory offer. The statement says that acquisitions or disposals of assets might be considered if it would help the group’s development.
Macau Legend runs three casinos in Macau: Landmark, Babylon and Legend Palace. These are run under a services agreement with SJM Holdings Ltd.
Macau Legend also has a tourism complex, Macau Fisherman’s Wharf, close to the Outer Harbour Ferry Terminal on Macau peninsula. The firm has also invested in a casino resort in Laos.