Hong Kong-listed Suncity Group Holdings Ltd said in a Tuesday filing that it has entered into an amendment agreement to extend the maturity date of outstanding convertible bonds in the amount of HKD570 million (US$72.6 million) by 24 months from December 7, 2018 to December 7, 2020.
The subscriber of the bonds is described as Fame Select Ltd, which controls approximately 72.17 percent of Suncity Group Holdings. Macau junket investor Alvin Chau Cheok Wa – chairman and an executive director of Suncity Group Holdings – owns 50 percent of Fame Select.
In Tuesday’s filing, Suncity Group Holdings said it expected “further capital requirements for the business operations … in the near future”.
“The board is of the view that the company will not have enough cash to redeem the convertible bonds in the next few months or within the forthcoming financial year,” said the firm.
It added: “As such, the alteration will enable the group to postpone a substantial cash outflow and allow the group to have reasonable time to improve its business performance and financial position.”
Suncity Group Holdings is to be involved in a multibillion U.S. dollar casino resort scheme on Vietnam’s central coast, via a 34-percent stake in that scheme.
“The company considers that it is in the interests of the company and its independent shareholders as a whole to utilise its resources for business development and other business opportunities in order to maximise returns to its shareholders,” said the Hong Kong-listed company.
“The alteration will allow the group to have additional time to develop its business instead of repayment the convertible bonds within a relatively short period,” it added.
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