Summit shares not subject to mandatory bid from Suncity Group

Summit Ascent Holdings has issued a statement clarifying that Suncity Group Holdings is not required to make an offer for any of the balance of Summit Ascent’s shares.

Macau.- Earlier this month, it was reported Suncity Group Holdings would make an unconditional, mandatory cash offer for up to 25 per cent of Summit Ascent Holdings that it does not already hold.

That appears to have generated some confusion, and Summit Ascent Holdings has now clarified that Suncity Group Holdings “is not required to make a chain principle general offer for the shares and other securities of the company.”

On Wednesday (July 20), the Hong Kong bourse ruled that no general offer for the shares had been triggered.

Suncity Group Holdings owns approximately 69.67 per cent of the issued share capital of Summit Ascent. The company has interests in the Hoiana integrated resort in Vietnam while Summit Ascent is responsible for operating the Tigre de Cristal integrated resort in Vladivostok, Russia. 

Andrew Lo Kai Bong, Suncity Group Holdings executive director, together with partners control 74.98 per cent of Suncity Group Holdings. He is now the main lender to Suncity Group Holdings after previous group creditors assigned him a HK$300m (US$38.2m) loan.

Suncity Group to change its name to LET Group Holdings

The board of directors of Suncity Group Holdings Limited has proposed changing the name of the company to LET Group Holdings Limited. According to a press release, the acronym stands for Leisure, Entertainment and Taste.

Board members believe that the proposed change will better represent the group’s strategy and future direction with a focus on tourism.