Resort Backer Suncity Listco Plans To Change Name To LET Group

Hong Kong-listed Suncity Group Holdings Ltd, an investor in a number of Asia-Pacific casino resort projects, plans to change its name to LET Group Holdings Ltd. The company said in a filing on Monday that its new name “L” means “leisure,” “E” means “entertainment” and “T” means “taste.”

“The Board is of Directors of the view that the renaming plan will better reflect the Group’s strategic business plan and future direction of development, focusing on tourism-related businesses,” it said in a statement.

The name change must be approved by an extraordinary general meeting, but has not yet been convened.

Alvin Chauchukwa, former chairman of Suncity Group Holdings and founder of privately owned Macau junket brand Suncity Group, is being held in Macau awaiting the start of a trial expected in September on charges of illegal gaming, criminal organization, fraud and money laundering.

The proposed name change for publicly traded corporation Suncity Group Holdings “will not affect shareholder rights, the company’s day-to-day operations or financial position,” the company said in a filing on Monday.

“Accordingly, there will be no agreement to freely exchange the existing stock certificates of the company with the new name of the company,” SunCity Group Holdings added.

In addition, it stated, “As the change of company name takes effect, all of the company’s underwriting rights will be issued only by the new name.”

The group’s main business interest is investing in casino resort development and operations at the Westside City project in Manila, the capital of the Philippines, through Manila-listed SunTrust Resort Holdings Inc. The project costs about $1 billion and should begin operations in 2024.

Suncity Group Holdings is also interested in its hotel and gaming business at Tigre de Crystal in the integrated entertainment zone of Primorsky Krai, near the Russian Pacific port of Vladivostok, through its Hong Kong-listed Summit Ascent Holdings and its affiliates.

In addition, Suncity Group Holdings is interested in real estate development in Japan and shopping mall management and operation in mainland China.

BY: 바카라사이트 추천

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