[ET Net News Agency, 10 November 2017] Macau Legend Development (01680) said the
company and its chief executive officer Chow Kam Fai, David agreed to sell the entire
issued share capital in New Macau Landmark Management Limited (NML) and sale loan for
HK$4,600 million to four buyers.
NML is principally engaged in hotel business operation. The major asset of NML is The
Landmark Macau. The Landmark Macau, a hotel and casino complex of around 80,129 square
metres in gross floor area, features one of the largest, award-winning, five-star hotels
in the Macau Peninsula, offering 439 rooms and suites, as well as casino and gaming areas,
recreational and dining space, retail shops, commercial and office premises, residential
apartments and car park facilities.
The disposal is expected to accrue a gain before tax of about HK$3.3 billion. The net
proceeds of about HK$4.5 billion will be used for the redevelopment of Macau Fisherman's
Wharf and reducing the Group's gearing level. (HL)