Hong Kong-listed Suncity Group Holdings Ltd, an investor in a number of Asia-Pacific casino resort projects, said on Monday it had won shareholder approval for a name change for LET Group Holdings Ltd.

The support came at an extraordinary general meeting in Hong Kong. All shareholders present voted in favor of the name change.

The move still requires the company to obtain official approval from the registered Cayman Islands.

On July 18, Suncity Group Holdings proposed the step in a filing with the Hong Kong Stock Exchange, saying the new name “L” means “leisure,” “E” means “entertainment” and “T” means “taste.”

“The Board is of Directors of the view that the proposed company name change will better reflect the Group’s strategic business plan and future direction of development with a focus on tourism-related businesses,” it said in a July announcement.

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.

SunCity Group Holdings’ main business interest is investing in developing and operating casino resorts in the Westside City project in Manila, the capital of the Philippines, through its 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.

Summit Ascension said in a filing on Friday that it expects first-half earnings to return to profit, with a 37% year-over-year increase in sales.

On July 22, Suncity Group Holdings said it had completed a deal to divest two groups of fully owned subsidiaries, primarily used for investment holding purposes.

It previously said the contract allows the company to “recognize a disposal profit of approximately HK$127.8 million upon completion,” equivalent to approximately $16.3 million.

BY: 우리카지노탑

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