The proposal to sell the company’s Russian assets was passed at an extraordinary general meeting.<\/p>\n\n\n\n\n\n\n\n
Hong Kong.-\u00a0Shareholders of LET Group Holdings<\/strong> have agreed to sell Russian assets including the Tigre de Cristal casino resort. The decision was announced by LET Group’s controlling shareholder, Major Success Group<\/strong>, in a filing to the Hong Kong Stock Exchange following approval at an extraordinary general meeting on Thursday (August 15). <\/p>\n\n\n\n The proposal stated that it was in the company’s best interest to proceed with the sale and instructed the LET Group board to take the necessary steps to implement the plan. The proposed minimum sale price for G1 Entertainment, the entity managing Tigre de Cristal, is US$92.8m. <\/p>\n\n\n\n That’s 80 per cent of the proposed price when\u00a0LET Group attempted to sell its shares in G1 Entertainment<\/a>\u00a0to\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,\u00a0previously said<\/a>\u00a0proceeds from the sale would fund a special dividend for Summit Ascent shareholders based on the share price before\u00a0trading was suspended on the Hong Kong Stock Exchange<\/a> in 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":" The proposal to sell the company’s Russian assets was passed 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' shareholders have approved the sale of its Russian assets, including the Tigre de Cristal casino resort, for a minimum of US$92.8m. This strategic divestment, announced via the Hong Kong Stock Exchange, aims to fund a special dividend for Summit Ascent shareholders and reinvest in the Westside City integrated resort project in Manila. The decision follows a previous failed attempt and board resignations.","focusai_entities":"LET Group Holdings, Major Success Group, G1 Entertainment, Tigre de Cristal, Dalnevostochny Aktiv, Summit Ascent, Andrew Lo Kai Bong, Suntrust Resort Holdings","focusai_location":"Hong Kong, Russia, Manila, Philippines","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Westside City Capital","query":"How will the US$92.8m capital injection from the Russian asset divestment specifically accelerate or de-risk the development and operational launch of the Westside City integrated resort in Manila?"},{"label":"Post-Divestment Strategy","query":"What is LET Group Holdings' refined capital allocation strategy and growth trajectory post-divestment of its Russian assets, particularly concerning its remaining gaming verticals and market expansion plans?"}],"footnotes":""},"categories":[157,16338],"tags":[24197],"class_list":["post-777018207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-let-group-holdings"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777018207","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=777018207"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777018207\/revisions"}],"predecessor-version":[{"id":777018238,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777018207\/revisions\/777018238"}],"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=777018207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777018207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777018207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}