LET Group receives loan repayment
It now hopes to post a profit on its share of a joint venture.
Hong Kong.- LET Group Holdings has announced through a company filing that an entity called Gold Yield Enterprises (GYE) has repaid a loan of US$31.2m to indirect subsidiary Star Admiral. It now expects to record a share of profit on the joint venture after a loss in previous years.
It intends to reverse previous losses through the dissolution of GYE. As a 50 per cent owner of the joint venture, LET Group plans to distribute surplus assets equally between itself and another stakeholder, Alpha Era Investments. LET Group indirectly controls Summit Ascent Holdings, the operator of the Tigre de Cristal casino resort in Primorye, Russia.
In February, both companies suspended trading after Hong Kong’s stock market regulator the Securities and Futures Commission (SFC) directed the Stock Exchange of Hong Kong Limited to halt share dealings in compliance with Securities and Futures Rules while it conducted an investigation.
