Macau Legend Growth Ltd, a distinguished entity listed on the Hong Kong Inventory Alternate, has efficiently concluded the deliberate disposal of its esteemed Laos on line casino resort, as introduced by way of an official submitting on Thursday.
Macau Legend’s Laos On line casino Resort disposal concluded:
The disposal course of regarding Savan Legend Resorts, located in Savannakhet, Laos, has encountered delays since February, as indicated in earlier firm filings. These delays, whereas posing challenges, additionally offered Macau Legend with ample time to make sure a easy and well-coordinated disposal course of.
Within the newest announcement on Thursday, Macau Legend confirmed that the mandatory approvals from the federal government of Laos had been secured, paving the best way for the seamless execution of the settlement. This milestone not solely signifies the profitable completion of the disposal but additionally underscores Macau Legend’s dedication to adhering to regulatory necessities and securing obligatory permissions for its enterprise transactions.
In accordance with Macau Legend, the disposal transaction was finalized on Might 16, marking the corporate’s full divestment from the Savan Legend property. This strategic transfer aligns with Macau Legend’s broader enterprise technique of optimizing its portfolio and specializing in core areas of progress and profitability.
The choice to promote Savan Legend was first disclosed in June 2023, with an preliminary point out of a letter of intent with a potential purchaser, Shundo Yoshinari, a Japanese citizen residing in Japan and recognized as an impartial third social gathering. The full consideration for the sale was outlined at US$45.0 million. Subsequent negotiations and discussions led to the finalization of the disposal settlement, with Macau Legend securing a positive deal that maximized worth for its shareholders.
As GGRAsia experiences, in a subsequent December submitting, Macau Legend elaborated that your complete fairness curiosity in Savan Legend was bought for an preliminary consideration of US$39 million, in alignment with the settlement reached with Mr. Yoshinari. The corporate anticipated a pre-tax acquire of roughly HKD47 million (US$6.0 million) from the disposal. This monetary acquire not solely bolsters Macau Legend’s stability sheet but additionally gives further assets for future strategic investments and initiatives.
Macau Legend’s enterprise panorama:
Past the disposal of Savan Legend, Macau Legend is exploring additional strategic strikes in its enterprise portfolio. Current experiences counsel discussions between the federal government of Cape Verde and Macau Legend concerning the potential reversion of the latter’s concession to develop and function a on line casino resort within the West African nation. Whereas these discussions are ongoing, they replicate Macau Legend’s dedication to evaluating and optimizing its enterprise pursuits throughout completely different geographies and markets.
In Macau, the corporate boasts possession of the famend tourism complicated, Macau Fisherman’s Wharf, situated in shut proximity to the Outer Harbour Ferry Terminal on the Macau peninsula. Notably, the complicated homes Legend Palace, a distinguished on line casino operated by Macau Legend below a providers settlement with SJM Holdings Ltd, a licensed operator in Macau. This strategic partnership underscores Macau Legend’s place as a key participant in Macau’s vibrant gaming and leisure sector.
Regardless of the disposal and ongoing strategic initiatives, Macau Legend reported a web lack of HKD4.9 million for the fiscal 12 months 2023, in keeping with its annual outcomes filed on March 28. Whereas this monetary efficiency might elevate issues, it is very important be aware that strategic disposals similar to Savan Legend are a part of a broader technique aimed toward long-term progress and sustainability.
