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.
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”This new venture [with PH Resorts] is aligned with our strategy to increase our footprint in the Philippines, given our remarkable success with Okada Manila”
President and COO of the operator of Okada Manila