Two senior executives of Hong Kong-listed Summit Ascent Holdings Ltd have respectively become board directors at Suntrust Home Developers Inc, a Philippine entity investing in a casino hotel in Manila that is part of the Westside City Project. The board move is according to a Suntrust filing to the Philippine Stock Exchange on Tuesday.
Andrew Lo Kai Bong (pictured in a file photo), also an executive director of Hong Kong-listed Suncity Group Holdings Ltd, and deputy chairman of Summit Ascent, has been appointed a director of Suntrust, with effect from Tuesday.
Mr Lo is also the chief investment officer of Suncity Group Holdings, responsible for the brand’s development of overseas businesses, and its dealings in mergers and acquisitions, noted Suntrust’s filing.
Suncity Group Holdings Ltd is to receive a cash payment of circa CNY155.3 million (nearly US$24.03 million) for disposal of a loss-making mainland China property development and leasing firm with interests in Guangdong province.
A Sunday filing by Hong Kong-listed Suncity Group Holdings – a firm led by Alvin Chau Cheok Wa, who also leads privately-held Macau casino junket brand Suncity Group – said the deal agreed in principle that day, was for the entire issued share capital of Access Achievement Ltd, a British Virgin Islands firm wholly-owned by the listco.
The disposal group recorded unaudited consolidated net liabilities of approximately CNY845.57 million as of December 31.
GGRAsia – Suncity listco US$24mln cash under China property disposal ggrasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ggrasia.com Daily Mail and Mail on Sunday newspapers.
Brokerage UBS Securities Asia Ltd says in a recent note that the official opening for the Hoiana resort (pictured in an artist’s rendering), a Vietnam casino complex, is now planned for the second half of 2021. The institution said the information was based on comments made by the management of the Suncity Group brand during a meeting with UBS analysts. Suncity Group has interests encompassing Macau junkets, and regional casino development projects including Hoiana.
Hoiana had a so-called “soft-opening” in June last year, with the “grand opening pushed out to second half 2021” because of “border restrictions” in Vietnam as countermeasures against Covid-19, stated analysts Angus Chan, Ian Wong, and Perry Yeung in the Wednesday memo. The Suncity brand had previously mentioned only that the official opening of the scheme was expected during 2021.
Privately-held casino junket business Suncity Group has “so far” only seen its rolling chip volume recover to “approximately 20 percent of pre Covid-19 levels in Macau,” says a Monday memo from Goldman Sachs (Asia) LLC.
The note, by Hong Kong-based analysts Simon Cheung, Alpha Wang, and Carrie Jiang, was issued after the institution held a ‘Gaming and Conglomerates Corporate Day’ on Friday.
The Goldman Sachs team stated, referring to comments it attributed to a Hong Kong-listed entity associated with the Suncity brand, namely Suncity Group Holdings Ltd: “Suncity commented that the pace of VIP recovery has so far been behind expectation. In response to the soft market conditions, it has decided to close down VIP rooms in Australia, [South] Korea and selective [ones] in Macau, i.e., Parisian [Macao].” The latter property is operated by Sands China Ltd.