Junket business Suncity Group Holdings, through its wholly-owned subsidiary Goal Summit Ltd, has signed a Memorandum of Understanding with Suncity International Holdings to acquire the entire equity interest in and shareholder’s loan owed by Star Admiral Ltd related to an integrated resort project in Hoi An, Vietnam.
Both Suncity International Holdings and Star Admiral Ltd are wholly-owned by Mr Alvin Chau, who is also the majority shareholder and an executive director of Suncity Group Holdings. Star Ltd currently holds a 34% stake in the Vietnam project.
In conjunction with the acquisition deal, Suncity Group Management and Consultancy Ltd, which is wholly owned by Suncity Group Holdings, has signed a Memorandum of Understanding (MOU) to provide management and consultancy services for the same project.
The consultancy deal will see Mr Kai Bong Lo, Chief Investment Officer of Suncity Group, “provide advisory and consultancy services to Mr Chau” in respect to the IR.
Mr Lo has previously been described as being involved in the business development of Suncity Group’s overseas businesses as well as being responsible for the corporate management and mergers and acquisitions of Suncity Group.
The Hoi An project is a collaboration between Suncity Group, local asset management firm VinaCapital Group and Chow Tai Fook Enterprises Ltd subsidiary Gold Yield Enterprises Ltd.
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