LET Group will vote at an extraordinary general meeting.<\/p>\n\n\n\n\n\n\n\n
Hong Kong.-\u00a0LET Group Holdings<\/strong>\u00a0has announced that it will hold an extraordinary general meeting on August 15<\/strong> to vote on the sale of its Russian assets, which include the Tigre de Cristal casino. The proposed sale is intended to optimise the group’s asset portfolio.<\/p>\n\n\n\n The company noted that its subsidiary, Summit Ascent, has investments in Japan and the Philippines financed through bank loans. It said maintaining ownership of G1 Entertainment, the entity managing Tigre de Cristal, poses the risk of sanctions in these countries.<\/p>\n\n\n\n According to the company, Major Success, a significant shareholder, stated: “Despite G1 Entertainment accounting for a significant portion of the group\u2019s revenue, continuing to hold G1 Entertainment will bring too many uncertainties and risks to the development and prospects of LET Group.”<\/p>\n\n\n\n The proposed minimum sale price for G1 Entertainment is US$92.8m, 80 per cent of the proposed price when LET Group attempted to sell its shares in G1 Entertainment<\/a> to\u00a0Dalnevostochny Aktiv<\/strong>, a Russian entity. Aktiv pulled out of that deal, leading to the resignation of most directors of LET Group and Summit Ascent who opposed the sale.<\/p>\n\n\n\n Andrew Lo Kai Bong<\/strong>, chairman of the company, has said<\/a> proceeds from the sale would fund a special dividend for Summit Ascent shareholders, equivalent to the share price before\u00a0trading was suspended on the Hong Kong Stock Exchange<\/a>\u00a0in February. The remaining funds would be reinvested in\u00a0the Westside City integrated resort project in Manila<\/a>, in which LET Group holds a 51 per cent stake through Suntrust Resort Holdings.<\/p>\n","protected":false},"excerpt":{"rendered":" LET Group will vote at an extraordinary general meeting.<\/p>\n","protected":false},"author":176,"featured_media":777006346,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"LET Group Holdings is convening an extraordinary general meeting on August 15 to vote on the divestment of its Russian gaming assets, specifically the Tigre de Cristal casino managed by G1 Entertainment, for a minimum of US$92.8m. This strategic move aims to de-risk the group's portfolio from potential sanctions, particularly impacting its Japanese and Philippine investments, and optimize capital allocation towards the Westside City integrated resort in Manila.","focusai_entities":"LET Group Holdings, Tigre de Cristal, Summit Ascent, G1 Entertainment, Major Success, Dalnevostochny Aktiv, Andrew Lo Kai Bong, Suntrust Resort Holdings","focusai_location":"Hong Kong, Russia, Japan, Philippines, Manila","focusai_target_profile":"ceo_executive (1.0), regulator (0.8), compliance_legal (1.0), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Sanctions Risk Mitigation","query":"What specific regulatory or financial sanctions were identified as posing the greatest risk to LET Group's operations in Japan and the Philippines, necessitating the divestment of G1 Entertainment?"},{"label":"Capital Reallocation Strategy","query":"How will the US$92.8m proceeds from the G1 Entertainment sale be precisely allocated between the special dividend for Summit Ascent shareholders and the reinvestment into the Westside City integrated resort, and what is the projected ROI for the latter?"}],"footnotes":""},"categories":[157,16338],"tags":[],"class_list":["post-777017564","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777017564","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=777017564"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777017564\/revisions"}],"predecessor-version":[{"id":777017586,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777017564\/revisions\/777017586"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/777006346"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777017564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777017564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777017564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}