Suncity Group to change name to LET Group Holdings

The board believes the new name better reflects the group’s strategic business plan.

Macau.- 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.

The board is of the view that the proposed change will better reflect the group’s strategic business plan and its intended future direction with a focus on tourism-related business. 

The company stated: “The new name can bring a new atmosphere to the company’s corporate image and identity, which will help the company better capture potential business opportunities and benefit the future development of the group. 

“Accordingly, the board considers that the proposed change of company name is in the best interests of the company and the shareholders as a whole.”

The change of name is subject to approval at the company’s forthcoming extraordinary general meeting. The firm said the proposed change will not affect the rights of shareholders, day-to-day operations of the company or the company’s financial condition.

Alvin Chau trial date

In June, the Macau Court of First Instance announced that the first trial against Alvin Chau Cheok Wa, former Suncity Group Holdings chairman, was scheduled to start on September 2. Chau Cheok Wa resigned as CEO of Suncity Group after his arrest last year and transferred his controlling stake in the group and majority-owned Summit Ascent Holdings to Suncity executive director Andrew Lo Kai Bong.

Lo Kai Bong and his partners control 74.98 per cent of Suncity Group Holding’s shares. He is now the lead lender to Suncity Group Holdings, having secured a HK$300m (US$38.2m) loan from former group creditors. Earlier this month, the company resumed trading on the Hong Kong Stock Exchange.