LET Group Holdings Ltd, a Hong Kong-listed investor in a number of Asian casino projects, says that an indirect wholly-owned subsidiary has completed the disposal of a Hong Kong business unit, for a consideration of HKD19.95 million (US$2.6 million)
Let Group said its subsidiary sold an entity called Faith Best Asia (HK) Ltd, with the buyer identified as an investment holding company called Great Promise Developments Ltd.
According to LET Group, Faith Best Asia is a wholly-owned subsidiary with “no business operations” and principally engaged in investment holding before cessation of its operations. The unit has assets valued at CNY19.86 million (US$2.7 million), but it recorded a loss of nearly HKD8.4 million in the year to October 24, according to Thursday’s filing.
LET Group said it expected to record a pre-tax unaudited loss of approximately HKD2.40 million as a result of the disposal, being the difference between the sale price and Faith Best Asia’s assets.
“Having considered that the process of dissolving the target company is time consuming and costly, the directors are of the view that the disposal would provide an opportunity for the group to realise its investment in the target company,” stated the Hong Kong-listed company.
The parent firm said it expected to receive pre-tax net proceeds after expenses of approximately HKD19.80 million from the disposal of Faith Best Asia. The company added that it intends to use the net proceeds as “general working capital”.
LET Group is the indirect controller of Suntrust Resort Holdings Inc, the developer of a casino hotel scheme at Westside City in the Philippine capital Manila.
LET Group also controls Hong Kong-listed Summit Ascent Holdings Ltd, which has majority ownership of the Tigre de Cristal casino resort near Vladivostok in the Russian Far East.
Last week, the parent company completed the disposal of a mainland China business for US$2.7 million. The group is also in the process of selling a plot of land in Hokkaido, Japan, for a total consideration of US$27.0 million.
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