Jul 06, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck  
Suncity Group Holdings Ltd has told the Hong Kong Stock Exchange it secured agreement to extend by “24 months” respectively to August 28, 2022, the maturity date on some no-interest convertible bonds and on a promissory note.
The instruments had helped the company to acquire a 34-percent indirect stake in the Hoiana casino resort scheme in Vietnam at a total consideration of HKD600 million (US$77.4 million).
A preview of Hoiana operations, including its casino, started on June 28. The company had previously noted that a full opening of the property was due to take place in 2021.
In relation to the stake acquisition – first flagged in July 2017 – the company said it was to issue convertible bonds and a promissory note in the principal amounts of HKD297 million and HKD303 million respectively. The sums “remain outstanding” as of Suncity Group Holdings’ Friday filing. The instruments were respectively due to mature on August 28 this year.
“Full or partial conversion of the convertible bonds on August 28, 2020 in the absence of the [proposed] extension,” would result in “less than 25 percent of the company’s issued share capital being held by the public,” Suncity Group Holdings explained in the Friday filing.
It said the maturity-date extension would ensure the firm complied with the Hong Kong bourse’s listing rules. The exchange will nonetheless need to approve the move, as will independent shareholders of the group.
Suncity Group Holdings has recorded net liabilities in 2019. In its Friday announcement, the company also noted: “In view of the further capital requirements for the business operations, investments and development of the group, the extension will enable the group to postpone a substantial cash outflow and allow the group to have reasonable time to improve its business performance and financial position.”
Suncity Group Holdings controlled by Macau junket boss Alvin Chau Cheok Wa, is involved in either casino-project investments or provision of casino resort services in multiple markets in the Asia-Pacific region, including the Philippines as well as Vietnam. Tourism to all of the markets has been hurt by the Covid-19 crisis and in many Asia-Pacific markets there has been temporary closure of existing casinos.
The company stated in its Friday announcement that it had not conducted any equity-related fund-raising activities in the preceding 12 months.
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Alejandro Tengco (pictured), chairman and chief executive of the Philippine Amusement and Gaming Corp (Pagcor), is to give the keynote speech for the opening of the SiGMA Asia conference for the...
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