Suncity shares jump by 137% after trade resumes
Company shares have begun trading again after nearly two months.
Macau.- Suncity Group Holdings Ltd shares jumped by 137 per cent after resuming trading on the Hong Kong Stock Exchange, closing at HK$0.13. That said, the stock price remains down 97 per cent from 2007 levels, when it was trading just below HK$7.00.
Andrew Lo Kai Bong, Suncity Group Holdings executive director, and his partners control 74.98 per cent of the company’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.
Suncity said it can now make mandatory offers to all remaining minority shareholders in accordance with stock exchange rules. However, it also said it requires the acquisition and merger panel to determine the correct price for the securities.
Suncity subsidiary Summit Ascent also resumed trading and rose 80 per cent on the day to $0.08.
In 2021, the company was heavily impacted by the arrest of former CEO Alvin Chau Cheok Wa over cross-border gambling and money laundering accusations. Alvin Chau Cheok Wa’s trial now has a start date, with Macau’s Court of First Instance scheduled to open proceedings on September 2.
According to TDM Radio, Chau Cheok Wa could face between eight and 15 years in prison for the alleged crimes.
