Summit Ascent Holdings Inc., a Hong Kong-listed investor at Tigred Crystal Casino Resort near Vladivostok, Russia, clarified that its multiple Hong Kong-listed investors, Suncity Group Holdings Inc., do not need to make an offer under exchange rules for the balance of shares in Summit Ascent.

The issue comes as people controlling Suncity Group Holdings announced in early July that they would do for about 25% of the companies that do not already have the unconditional mandatory cash offer required under exchange rules.

Suncity Group Holdings holds approximately 69.67% of Summit Ascent’s outstanding equity capital.

On Wednesday, the Hong Kong Stock Exchange ruled that the “general offer” for Summit Ascension shares was prompted by an agreement on Suncity Group Holdings’ own liability under the exchange’s acquisition code.

Suncity Group Holdings, an investor in the Asia Pacific Casino Resort Project, said in a filing on Monday that it plans to change its name to LET Group Holdings Inc.

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.

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