Suncity Group invests US$34 million in Hoiana IR development
GYE will pay interest of 1.5% per annum, with the principal amount and interest to be repaid at the expiry of the stated five-year term
Vietnam.- As part of plans to open an Integrated Resort in Hoiana, Suncity Group has announced details of a series of loan agreements with Gold Yield Enterprises Limited (GYE).
GYE, the majority owner of Vietnam integrated resort Hoiana and which holds a 50% stake in Suncity Group, will receive a US$34 million investment to help develop the US$4 billion project that is expected to open in the current quarter.
Suncity Group revealed the loan agreements that GYE closed with Star Admiral Ltd and Alpha Era Investments Limited, who will provide US$17,022,500 each to help complete the IR in Hoiana.
According to Inside Asia Gaming, GYE will pay interest of 1.5% per annum, with the principal amount and interest to be repaid at the expiry of the stated five-year term.
“It is necessary for GYE to have sufficient funds for its future business development and to meet its capital needs,” Suncity said.
“In light of the increasing demand for tourism-related business in the Southeast Asia region, the Board holds a positive outlook for the project in the future and it is expected that the Group will benefit from the future success of GYE,” the company added.
