A company controlled by detained Macau junket boss Alvin Chau Cheok Wa has until midweek this week to repay in full just over HK$313.6 million (US$40.2 million) to a group of lenders. If it fails to do so, the syndicate of lenders could gain control of Hong Kong-listed casino investor Suncity Group Holdings Ltd, also controlled by Mr Chau.
The lenders say that a non-listed company called Star Soul Investments Ltd, led by Mr Chau, is in default on payment, according to a Friday filing by the Suncity listco.
If the money cannot be found five working days from December 8, then just over 4.99 million shares of Suncity Group Holdings pledged by Mr Chau as guarantee for the loan, could change hands in lieu of the debt.
The volume of the shares represents approximately 74.85 percent of the entire issued share capital of the Suncity listco, and are controlled by an entity called Fame Select Ltd, which is 50 percent owned by Mr Chau and 50 percent owned by a man called Cheng Ting Kong.
Were those shares to go to the lender group, that could amount to a change of control at Suncity Group Holdings.
The Suncity listco had warned last week of the risk of default by “an associate of the controlling shareholder of the company, and possible enforcement of securities charged.”
Suncity Group Holdings is involved in an under-construction casino hotel at the Westside City scheme, at Entertainment City, Manila in the Philippines, through a non-wholly owned subsidiary Suntrust Home Developers Inc.
It is an investor in a hotel and gaming business – known as Tigre de Cristal – in Primorye, in the Russian Federation, through Hong Kong-listed Summit Ascent Holdings Ltd.
Suncity Group Holdings is also involved in a joint venture for the Hoiana casino resort in Quang Nam province, Vietnam, which opened in late June 2020.
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