Suncity Listco confirms US$24 mln in mainland corporate disposition
Suncity Group Holdings Ltd. will receive a net profit of approximately HK$184.4 million ($23.7 million) for the disposal of Access Achievement Ltd., a mainland Chinese real estate development and leasing company with a stake in Guangdong Province.
In a filing to the Hong Kong Stock Exchange on Wednesday, the group said the completion of the transaction marked in February had been achieved that day.
It also added that HK$166.3 million of this consideration would be used to repay the group’s banks and other borrowings. The remaining approximately HK$18.2 million would be used as the group’s general working capital.
Suncity Group Holdings is a company linked to Alvin Chau Check Wa, which leads privately owned Macau casino junket brand Suncity Group.
Suncity Group Holdings invests in Hoiana, a casino resort in Vietnam, and its Philippine division is involved in casino hotel development in the Westside City initiative in Manila, Philippines.
The company is also investing in Hong Kong-listed Summit Ascent Holdings Inc., the promoter of Tigred Crystal Casino Resort in Vladivostok, Russia.
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