LET Group to vote on sale of Tigre de Cristal casino

LET Group will vote at an extraordinary general meeting.

Hong Kong.- LET Group Holdings has announced that it will hold an extraordinary general meeting on August 15 to vote on the sale of its Russian assets, which include the Tigre de Cristal casino. The proposed sale is intended to optimise the group’s asset portfolio.

The company noted that its subsidiary, Summit Ascent, has investments in Japan and the Philippines financed through bank loans. It said maintaining ownership of G1 Entertainment, the entity managing Tigre de Cristal, poses the risk of sanctions in these countries.

According to the company, Major Success, a significant shareholder, stated: “Despite G1 Entertainment accounting for a significant portion of the group’s revenue, continuing to hold G1 Entertainment will bring too many uncertainties and risks to the development and prospects of LET Group.”

The proposed minimum sale price for G1 Entertainment is US$92.8m, 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, has said proceeds from the sale would fund a special dividend for Summit Ascent shareholders, equivalent to 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.