Suncity listco clinches disposal of some units

Jul 22, 2022 Newsdesk Latest News, Rest of Asia, Top of the deck  

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Suncity Group Holdings Ltd, a backer of several casino resort projects in the Asia-Pacific region, says it has completed a deal to dispose of two groups of wholly-owned subsidiaries used mainly for investment-holding purposes.

The Hong Kong-listed firm said in a Friday filing after market close that “all the conditions” under the sale and purchase agreement had been “fulfilled” that day, and that “completion took place on the same day”.

In a May 10 filing, Suncity Group Holdings had said the disposal would be for an aggregate consideration of only HKD1.00 (US$0.13).

But it had added the arrangement would allow the firm to “recognise a gain on disposal of approximately HKD127.8 million upon completion”. That is equal to about US$16.3 million.

The purchaser was identified in the May filing as being Great Promise Developments Ltd, a company incorporated in the British Virgin Islands, and controlled by a businessman called Zhong Jianhua. He is linked to an entity that has previously loaned money to one of the companies being sold, according to Suncity Group Holdings.

The companies to be sold are said to be involved principally in investment holding. One has a subsidiary involved in property development in mainland China.

Suncity Group Holdings 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, to take place on August 15.

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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