GGRAsia – Resort backer Suncity listco plans name change to LET Group

Resort backer Suncity listco plans name change to LET Group

Jul 18, 2022 Newsdesk Latest News, Philippines, Rest of Asia, Top of the deck

Hong Kong-listed Suncity Group Holdings Ltd, an investor in a number of Asia-Pacific casino resort projects, plans to change its name to LET Group Holdings Ltd. The firm said in a Monday filing that the ‘L’ in the new name stood for ‘leisure’, the ‘E’ for “entertainment”, and the ‘T’ for ‘taste’.

“The board is of the view that the proposed change of company name will better reflect the group’s strategic business plan and its future development direction with the focus on tourism-related business,” said the announcement.

The name change would need to be approved at an extraordinary general meeting, still to be convened.

Alvin Chau Cheok Wa, a former chairman of Suncity Group Holdings, and founder of the privately-held Macau junket brand Suncity Group, is currently in detention in Macau, awaiting an anticipated September start of his trial on charges of illegal gaming, criminal association, fraud, and money laundering.

The proposed name change for the listed entity Suncity Group Holdings would “not affect any rights of the shareholders or the daily operations of the company or its financial position,” the firm stated in its Monday filing.

“Accordingly, there will not be any arrangement for free exchange of the existing share certificates of the company for new share certificates bearing the new name of the company,” Suncity Group Holdings added.

It further stated: “Upon the proposed change of company name becoming effective, all new share certificates of the company will be issued only in the new name.”

The group’s principle business interests include investment, via Manila-listed Suntrust Resort Holdings Inc, in 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 commence operation in 2024.

Suncity Group Holdings also has interest – via Hong Kong-listed Summit Ascent Holdings Ltd 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.

Additionally, Suncity Group Holdings has interest in property development in Japan; and the management and operation of shopping malls in mainland China.