Macau Legend buys stake in Hengqin venture
The company has announced it will buy a 21.5% stake in a company operating a shopping complex on Hengqin island.
Macau.- Macau Legend Development announced its decision to buy a 21.5% stake in a company that operates PONTO, a shopping complex on Hengqin island. In a filing with the Hong Kong Stock Exchange, the operator explained it will invest €9.4 million to acquire the percentage.
Once the deal is completed, Macau Legend will enter a management agreement with PONTO. It will set a monthly management fee worth €7.2k in addition to an annual performance bonus.
“The board is of the view that the acquisition permits the group to take part in and benefit from the economic growth in the area of Zhuhai Hengqin New District, PRC, which is important for the group’s long-term development as well as the broadening of its revenue base,” the filing explains.
The agreement will run from the moment the acquisition is completed and will end in December 2021. It includes providing and maintaining management, business plan development, and many other duties.
