{"id":33830,"date":"2022-09-27T08:01:38","date_gmt":"2022-09-27T11:01:38","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=33830"},"modified":"2026-04-23T04:31:52","modified_gmt":"2026-04-23T07:31:52","slug":"let-group-secures-guarantee-for-us51m-loan","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/let-group-secures-guarantee-for-us51m-loan","title":{"rendered":"LET Group secures guarantee for US$51m loan"},"content":{"rendered":"\n<p>Sun Hung Kai, Summit Ascent Holdings&#8217; main shareholder, is one of the guarantors. <\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Hong Kong.-&nbsp;<strong>Sun Hung Kai &amp; Co Ltd<\/strong>, one of the main shareholders of Summit Ascent Holdings, willbe a guarantor of a HK$400m (US$51m) loan facility granted to&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/let-group-holdings-appoints-lo-kai-bong-as-chairman\" target=\"_blank\">LET Group Holdings Ltd<\/a>, the former Suncity Group Holdings.<\/p>\n\n\n\n<p>Sun Hung Kai and other parties now hold 69.66 per cent of LET Group. A week ago,&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/let-group-holdings-enters-into-us51m-loan-agreement\" target=\"_blank\">the company<\/a>&nbsp;announced it had&nbsp;<strong>entered into a loan agreement with four independent third-party lenders&nbsp;<\/strong>for a term of 12 months maturing on September 18, 2023.&nbsp;<\/p>\n\n\n\n<p>It said that HK$380m of the loan will be utilised for<strong>&nbsp;the full repayment of the promissory note&nbsp;<\/strong>including interest accrued thereon and for the partial repayment of the 2018 convertible bonds.&nbsp;<\/p>\n\n\n\n<p>The company said: \u201cUpon completion of the aforementioned repayment, the remaining outstanding amount due together with interest accrued thereon under the 2018 convertible bonds will be approximately HK$226m. The remaining balance of the loan after deducting the relevant expenses will be used as general working capital of the group.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sun Hung Kai, Summit Ascent Holdings&#8217; main shareholder, is one of the guarantors.<\/p>\n","protected":false},"author":176,"featured_media":16856,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Sun Hung Kai & Co Ltd, a principal shareholder of Summit Ascent Holdings, is guaranteeing a HK$400m (US$51m) loan facility for LET Group Holdings Ltd (formerly Suncity Group Holdings). This capital infusion is primarily allocated for the full repayment of a promissory note and partial repayment of 2018 convertible bonds, with the residual balance designated for general working capital.","focusai_entities":"Sun Hung Kai & Co Ltd, Summit Ascent Holdings, LET Group Holdings Ltd, Suncity Group Holdings","focusai_location":"Hong Kong","focusai_target_profile":"ceo_executive (0.9), operator_casino (0.75), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Debt Restructuring Impact","query":"What are the specific implications of this debt restructuring on LET Group's capital structure and its capacity to secure future growth capital or pursue strategic M&A opportunities?"},{"label":"Shareholder Commitment","query":"How does Sun Hung Kai's guarantee of this loan facility reflect its long-term strategic commitment to LET Group Holdings, particularly in light of the latter's historical operational challenges and market repositioning?"}],"footnotes":""},"categories":[157,16333],"tags":[24197,23701],"class_list":["post-33830","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-let-group-holdings","tag-summit-ascent"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33830","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=33830"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33830\/revisions"}],"predecessor-version":[{"id":33862,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33830\/revisions\/33862"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/16856"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=33830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=33830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=33830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}