Potential New Buyer for Macau Legend

A filing made to the Hong Kong Stock Exchange indicates that the proposed sale of its Landmark Macau casino hotel to Wide Power Enterprises did not go ahead.

The filing noted that the company had entered into a letter of intent in March this year with Wide Power Enterprises for the disposal of the casino hotel. The filing read: “The board of directors of the company wishes to announce that the Company and the buyer have not concluded or entered into any definitive investment agreement before the expiry of the Letter of Intent. The Letter of Intent expired on 23 September 2016.”

Nevertheless, the company revealed that it had been approached by a potential buyer and is in negotiation on the disposal of the property: “At present, the Company has been approached by and is in negotiation with a potential buyer, an independent third party, on the potential disposal of the Property and remains positive on the disposal. It is expected that completion of the disposal will occur soon after the potential buyer completes its due diligence and the necessary regulatory approvals in Macau and Hong Kong are obtained.”