Macau Legend says acquisition of Cambodian land delayed

The acquisition of 1,200 hectares of land in Cambodia’s Siem Reap Province by Macau Legend Development Ltd, originally planned for development of an integrated resort, has been delayed due to COVID-19.

Macau Legend said in a filing it had extended the Long Stop Date for satisfaction of all conditions and completion of the deal for 12 months until 26 June 2021, having failed to do so before the previous deadline of 26 June 2020 “due to the delay and difficulties to the process caused by the COVID-19 pandemic.”

Those conditions include stipulations imposed by Macau Legend upon the seller that the land be “freehold land and free and clear of any encumbrances, and the land must have no aboriginal and other villagers or squatters, schools and students, no dispute, no land external mortgage, pledge and guarantee.” It also requires the land to be adjoining in one full plot, with relevant documentation provided.

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