Macau Legend seeking “amicable solutions” as land purchase deadline passes
| By Marese O'Hagan
Macau Legend Development has announced that it is seeking “amicable solutions” after a deadline to transfer land to Macau Legend passed, following its agreement to acquire Howing in 2018.
Macau Legend – which operates the Macau Fisherman’s Wharf resort – first announced its intent to acquire Howing’s issued shared capital from Mr. Wang Jiemin on 28 December 2018.
In exchange, according to the sale agreement, Howing is to receive an estimated 1,200 hectares of land located in Siem Reap Province from Wang.
The deadline for the land transfer was extended twice, on 26 December 2019 and 26 June 2020. The latest deadline was 26 June 2021.
In a statement, Macau Legend outlined that as the transaction had not been fully completed on or before June 26 2021, it would work with Mr Wang Jiemin to come to a resolution.
The operator also announced that it would publish further updated for shareholders regarding the transfer.