GGRAsia – Andrew Lo now chair of former Suncity listco, and Summit

Andrew Lo now chair of former Suncity listco, and Summit

Sep 01, 2022 Newsdesk Latest News, Rest of Asia, Top of the deck

Andrew Lo Kai Bong has from Wednesday been appointed as chairman of the Hong Kong-listed casino investor formerly known as Suncity Group Holdings Ltd, and now renamed LET Group Holdings Ltd.

Mr Lo (pictured), already an executive director of the company, and a substantial shareholder, will be paid just over HKD7.0 million (US$898,000) for his services in the year to December 31, said the filing issued the same day.

Let Group Holdings said in a Monday filing it had defaulted on the payment of a promissory note in the principal amount of HKD303 million, and two groups of convertible bonds with an aggregate value of HKD197 million.

The company swung to a HKD387.1-million loss for the six months to June 30, compared to a HKD251.1-million profit for the prior-year period.

The firm’s interests include investment in the Hoiana casino resort in Vietnam.

It is also backing – via Manila-listed Suntrust Resort Holdings Inc – the development and operation of a casino resort at the Westside City Project in the Philippine capital, Manila. That project has a price tag of approximately US$1 billion, and should start operation in 2024.

Let Group Holdings also has interest – via Hong Kong-listed Summit Ascent Holdings Ltd – in a hotel and gaming business at Tigre de Cristal in the Integrated Entertainment Zone of the Primorye Region, near Russia’s Pacific port of Vladivostok.

A Wednesday filing from Summit Ascent said Mr Lo – also a substantial shareholder of that firm – was from that date being redesignated from deputy chairman to chairman.

The latter announcement mentioned that on August 1, Mr Lo had made an agreement with Summit Ascent that he would receive “benefits in kind” regarding the HKD2.4-million annual cost at market value, of accommodation provided to him.

Summit Ascent had said in an August 23 filing that its main investment, Tigre de Cristal, returned to profit in the first half this year, on revenue that rose 37.4 percent year-on-year.