The parties representing the company controlled by Andrew Locai Bong, a former business colleague with former Macao junket boss Alvin Chauchuk, recently agreed to meet a purchase price of HK$0.0690 ($0.00892) on the balance of his stake in Old City Group Holdings shares, as recommended by the Hong Kong M&A Committee.
The company, now known as LET Group Holdings Ltd, added in a filing with the Hong Kong Stock Exchange on Wednesday that it had requested the resumption of trading on Thursday (15 September) from 9 a.m. The request was granted, according to a notice on the stock exchange’s website. The company’s shares have been suspended from trading since August 12.
Major Success Group Ltd, the British Virgin Islands company wholly owned by Mr Lo, will conduct a review of LET’s financial position and operations at the end of the transaction “to formulate LET’s long-term strategy and explore other business/investment opportunities to strengthen its future development and strengthen its revenue base,” according to a statement on Wednesday
However, the filing added: “As of this joint announcement date, the proposer has not identified any such investment or business opportunities.”
Behind the company’s background is Stasoul Investments, a British Virgin Islands company with a 100% stake in Mr. Chow, the former chairman of Suncity Group Holdings, as a borrower against the group. Suncity Listco has had lifelong interest in several casino projects in the Asia-Pacific region, including Vietnam and the Philippines.
Star Hope Ltd., another BVI controlled by Chau, has now issued HK$6 billion of 5.00% permanent securities by LET Group.
Mr Chow, a former president of privately owned Macau junket brand Suncity Group, is currently being held in Macau for trial on charges unrelated to the alleged operation of illegal gambling.
A filing by LET Group on Wednesday stated that Mr. Law’s side “plans to continue with LET’s existing business.”
It also noted that given the obligations on some convertible bonds and that promissory notes for HK$330 million principal had entered default as of August 29, “the auditor of the RET has issued a disclaimer for the fiscal year ended December 31, 2021 due to uncertainties related to continued concern.”
As a result, providers will “raise LETs to consider rigorously disposing of valuable assets and refinancing them from third parties.”
It announced in July that its controlling stake in Suncity Group Holdings at the time would make an unconditional mandatory cash offer, which is required under exchange rules, for about 25% of the companies it does not already hold.
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