Suncity Group Holdings Ltd is to receive net proceeds of circa HKD184.4 million (US$23.7 million) for disposal of Access Achievement Ltd, a loss-making mainland China property development and leasing firm with interests in Guangdong province.
The group said in a Wednesday filing to the Hong Kong Stock Exchange that completion of the deal – flagged in February – was achieved that day.
It added that nearly HKD166.3 million of the consideration would be used to repay bank and other borrowings of the group. The remaining circa HKD18.2 million would be used for general working capital of the group.
Suncity Group Holdings is a firm linked to Alvin Chau Cheok Wa, who also leads privately-held Macau casino junket brand Suncity Group.
The company also has an investment in Hong Kong-listed Summit Ascent Holdings Ltd, the promoter of the Tigre de Cristal casino resort in Vladivostok, Russia.
Jul 29, 2021Brokerage Morgan Stanley Asia Ltd says recent increased regulatory oversight by Chinese authorities regarding a number of sectors is “less relevant” to the gaming industry, including the Macau...
”We are hoping that within this year, by the end of the year, we will be able to open up the entire [Grand Lisboa Palace] property”
Daisy Ho Chiu Fung
Chairman of Macau casino operator SJM Holdings