Macau Legend Development Limited (SEHK:1680) entered into the sale and purchase agreement to acquire a 21.5% stake in Lai Ieng Investment Company Limited from Raising Investment Company Limited and an unknown seller for HKD 84.5 million on February 27, 2019. Under the terms, Raising Investment Company Limited and the unknown seller will respectively sell 1% and 20.5% stake in Lai Ieng Investment Company Limited and HKD 0.97 million and HKD 20 million of shareholders' loans granted by respective seller to Lai Ieng Investment Company Limited. The consideration comprises HKD 3.93 million payable to Raising Investment Company Limited for shares and shareholders' loans and HKD 80.6 million payable to the unknown seller for shares and shareholders' loans. 30% of the total consideration shall be paid at the signing of agreement as refundable deposit and the balance on completion of the transaction. As of February 27 2019, Raising Investment Company Limited and the unknown seller respectively hold 70% and 30% stake in Lai Ieng Investment Company Limited. Upon completion, Macau Legend Development Limited and Lai Ieng Investment Company Limited will enter into the management services agreement, pursuant to which Macau Legend Development Limited agreed to provide property management services to Lai Ieng Investment Company Limited in respect of PONTO. For the year ended December 31, 2018, Lai Ieng Investment Company Limited had net loss after tax of HKD 9.7 million and as at December 31, 2018, net asset value of HKD 260.03 million. The transaction is subject to satisfactory completion of due diligence, all necessary consents, approvals, waivers and authorizations required to be obtained by Lai Ieng Investment Company Limited and its subsidiaries, including but not limited to, consents (or otherwise waiver thereof) from the lenders of Lai Ieng Investment Company Limited (where necessary), the consent from Luso Bank Macau to accept any such corporate guarantee as may be granted by any shareholders of Lai Ieng Investment Company Limited (where necessary) and the constitution of Lai Ieng Investment Company Limited having been amended to the effect that a Board of Directors is established and delegated with the power to manage the day-to-day business of Lai Ieng Investment Company Limited and the right of first refusal clause set out in the shareholders’ agreement is an article of the constitution. As of February 27, 2019, the transaction was approved by the Board of Directors of Macau Legend Development Limited wherein Chow Kam Fai David, Lam Fong Ngo and Chow Wan Hok Donald abstained from voting. Completion of the transaction shall take place simultaneously on the second business day following the satisfaction of the conditions precedent. Macau Legend Development Limited (SEHK:1680) completed the acquisition of 21.5% stake in Lai Ieng Investment Company Limited from Raising Investment Company Limited and an unknown seller on April 16, 2019.