LET Group shareholders approve sale of Tigre de Cristal casino

The proposal to sell the company’s Russian assets was passed at an extraordinary general meeting.

Hong Kong.- Shareholders of LET Group Holdings have agreed to sell Russian assets including the Tigre de Cristal casino resort. The decision was announced by LET Group’s controlling shareholder, Major Success Group, in a filing to the Hong Kong Stock Exchange following approval at an extraordinary general meeting on Thursday (August 15).

The proposal stated that it was in the company’s best interest to proceed with the sale and instructed the LET Group board to take the necessary steps to implement the plan. The proposed minimum sale price for G1 Entertainment, the entity managing Tigre de Cristal, is US$92.8m.

That’s 80 per cent of the proposed price when LET Group attempted to sell its shares in G1 Entertainment to Dalnevostochny Aktiv, a Russian entity. Aktiv pulled out of that deal, leading to the resignation of most directors of LET Group and Summit Ascent who opposed the sale.

Andrew Lo Kai Bong, chairman of the company, previously said proceeds from the sale would fund a special dividend for Summit Ascent shareholders based on the share price before trading was suspended on the Hong Kong Stock Exchange in February. The remaining funds would be reinvested in the Westside City integrated resort project in Manila, in which LET Group holds a 51 per cent stake through Suntrust Resort Holdings.