Summit says Suncity listco not required to bid for shares

Jul 21, 2022 Newsdesk Latest News, Macau, Rest of Asia, Top of the deck  

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Summit Ascent Holdings Ltd, a Hong Kong-listed investor in the Tigre de Cristal casino resort near Vladivostok in Russia, has clarified that its own majority Hong Kong-listed investor, Suncity Group Holdings Ltd, is not required under bourse rules to make an offer for any of the balance of Summit Ascent’s shares.

The issue arose due to an early-July announcement that the people controlling Suncity Group Holdings would make an unconditional, mandatory cash offer – as required under exchange rules – for up to the circa 25 percent of that firm that they do not already hold.

Suncity Group Holdings is interested approximately 69.67 percent of the issued share capital of Summit Ascent.

On Wednesday, the Hong Kong bourse ruled that “no general offer” for the shares of Summit Ascent had been triggered by the arrangements regarding Suncity Group Holdings’ own responsibilities under the exchange’s takeovers code.

Suncity Group Holdings, an investor in a number of Asia-Pacific casino resort projects, said in a Monday filing it planned to change its name to LET Group Holdings Ltd.

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.

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