GGRAsia – Suncity listco gets nod for name change to LET Group

Suncity listco gets nod for name change to LET Group

Aug 16, 2022 Newsdesk Latest News, Philippines, Rest of Asia, Top of the deck

Hong Kong-listed Suncity Group Holdings Ltd, an investor in a number of Asia-Pacific casino resort projects, says that on Monday it won shareholder approval for a change of name, to LET Group Holdings Ltd.

The backing was given at an extraordinary general meeting in Hong Kong. All shareholders in attendance voted in favour of the name change.

The move is still subject to formal approval in the Cayman Islands, where the firm is registered.

On July 18, in a filing to the Hong Kong Stock Exchange, Suncity Group Holdings had proposed the step, saying that the ‘L’ in the new name stood for ‘leisure’, the ‘E’ for “entertainment”, and the ‘T’ for ‘taste’.

“The board is of the view that the proposed change of company name will better reflect the group’s strategic business plan and its future development direction with the focus on tourism-related business,” the July announcement had said.

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.

Suncity Group Holdings’ principle business interests include investment, via Manila-listed Suntrust Resort Holdings Inc, in the development and operation of a casino resort at the Westside City Project in the Philippine capital, Manila. That project has a price tag of approximately US$1 billion, and should start operation in 2024.

Suncity Group Holdings also has interest – via Hong Kong-listed Summit Ascent Holdings Ltd and its units – in a hotel and gaming business at Tigre de Cristal in the Integrated Entertainment Zone of the Primorye Region, near Russia’s Pacific port of Vladivostok.

Summit Ascent said in a Friday filing that it expected its first-half results to show a 37-percent year-on-year increase in revenue, helping it to return to profit.

On July 22, Suncity Group Holdings said it had completed a deal to dispose of two groups of wholly-owned subsidiaries used mainly for investment-holding purposes.

It had previously stated 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.