Hong Kong-listed casino investor LET Group Holdings Ltd says its controlling shareholder – and parties acting in concert with it – have disposed of a total of 16.7 million shares in the company on the open market, representing approximately 0.25 percent of the firm’s total issued share capital.
The move was aimed to “restore the public float” of LET Group to the minimum requirement of 25 percent by the Hong Kong Stock Exchange, according to a Tuesday filing.
In early November, it was revealed that businessman Andrew Lo Kai Bong and parties acting in concert with him controlled a 75.25-percent stake in LET Group, following a compulsory offer for the balance of shares in the company.
On Tuesday, LET Group said that after completion of the disposal, the shareholding of Mr Lo and parties acting in concert with him had been reduced to 75.00 percent.
Accordingly, it added, “25.00 percent of the total issued share capital of LET are held by the public upon completion of the disposal, and the minimum public float of LET as required under … the listing rules has been restored.”
LET Group – formerly known as Suncity Group Holdings Ltd – has in its lifespan been interested in a number of casino projects in the Asia-Pacific region, including in Vietnam and the Philippines.
The company also has interest – via Hong Kong-listed Summit Ascent and its units – 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.
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