The company has agreed to pay HK$0.069 per share instead of the quoted HK$0.0029 for the former Suncity Group Holdings Ltd.
Hong Kong.- Major Success Group has upped its initial offer to acquire LET Group Holdings, the company formerly known as Suncity Group Holdings Limited. The company increased its offer following feedback from the Takeovers and Mergers Panel at Hong Kong’s Securities and Futures Commission.
The company controlled by Andrew Lo Kai Bong, a former business associate of ex-Macau junket boss Alvin Chau Cheok Wa, will now pay HKD0.0690 (US$0.00892) per share instead of the original offer of HK$0.0029 per share.
According to a company filling issued by LET Group Holdings, Major Success Group “will conduct a review of the financial position and operations of LET in order to formulate a long-term strategy for LET and explore other business/investment opportunities for enhancing its future development and strengthening its revenue bases.”
The company said: “The offeror intends to nominate new directors to the LET Board after the close of the LET offers. Any changes to the Board composition will be made in compliance with the Takeovers Code and the Listing Rules.
“Other than that, the offeror has no intention to terminate any employment of the employees of LET or to make significant changes to any employment or to dispose of or re-allocate LET’s assets which are not in the ordinary and usual course of business of LET.”