Supplier News
China – Troubled markets see Macau Legend half IPO value
By Phil - 27 June 2013
Macau casino operator Macau Legend Development has now relaunched its Hong Kong initial public offering, at almost half of the value presented in the first IPO due to a lower than expected demand caused by unpredictable markets.
The operator, which owns the Macau Fisherman’s Wharf development, is now hoping to obtain up to $360m by selling 934.83m new shares pitching the IPO at up to HK$2.79bn compared to the original HK$6.1bn.
The company, which owns Macau Fisherman’s Wharf, Landmark Macau and Pharaoh’s Palace Casino and is controlled by David Chow Kam Fai, is planning to take investor orders from June 7 with listing scheduled for June 27.
The casino also boasts a boutique hotel, a convention centre and an exhibition hall. Stanley Ho’s SJM Holdings stands to benefit having invested US$62m in a four per cent stake in Macau Legend back in August.
Macau Legend will use the raised money to renovate the 133,038 sq. m. Macau Fisherman’s Wharf complex adding a museum, yacht club and two hotels to the development. It will be completed by the end of 2015.
