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.
Oct 15, 2021A Macau court was told on Friday that a US$12-billion claim against United States-based casino group Las Vegas Sands Corp (LVS) and some of its units, over alleged help securing its Macau gaming...
Oct 15, 2021
Oct 15, 2021
"The Macau recovery continues to be disrupted by false starts, while the lack of [Chinese] public holidays for rest of the year should cap the pace of the rebound”
Andrew Lee and David Katz
Analysts at brokerage Jefferies LLC