Macau Legend has announced that the government of Cape Verde has taken possession of the assets tied to the company’s stalled investment project in Cidade da Praia Bay, following a disputed handover request issued earlier this week.
According to the statement, the company was notified on January 15 that Cape Verde authorities intended to assume control of the assets the following day, and requested Macau Legend’s attendance to facilitate a voluntary handover. The company said it declined the request after determining that it lacked “any legitimate basis”.
Despite its objection, Macau Legend said the government proceeded to enter the project premises on January 16 and took possession of the assets. The company added that it is now seeking legal advice regarding the next steps.
The investment project, first announced several years ago, has faced prolonged delays and operational challenges. Macau Legend disclosed in its 2024 annual report that the full carrying amount of the assets had already been impaired, reducing their book value to zero.
As a result, the company said the latest development is not expected to have a material adverse impact on its operations or financial performance.
The board stated that further announcements will be issued as significant developments arise, adding that shareholders and potential investors will be kept informed in line with disclosure requirements.
The investment site is located in Praia Bay and was previously written down to zero in Macau Legend’s 2024 annual report
