The former Chairman of Hong Kong-listed casino investor Suncity Group, Alvin Chau Cheok Wa, has transferred his controlling stake in both Suncity and its majority-owned Summit Ascent Holdings to the company’s Executive Director Andrew Lo Kai Bong.
According to transaction records filed to the Hong Kong bourse, Chau and his business partner Cheng Ting Kong – who held a combined 74.85% share in Suncity Group through Fame Select Limited – transferred shares and convertible bonds to Lo last Friday 13 May. Suncity holds a 69.66% interest in Summit Ascent, of which Lo is Deputy Chairman and Executive Director.
The disclosure records show that, aside from acquiring Chau’s Suncity shares, Lo also acquired Suncity Group convertible bonds held via an entity called Major Success Group Ltd.
Trading in Suncity Group and Summit Ascent was suspended on Friday 13 May and is yet to resume.
The transfer of shares comes after Chau – who remains in custody in Coloane Prison – was arrested and detained by Macau authorities in late November for alleged criminal association, illegal gambling and money laundering. He subsequently stepped down as Chairman of both Suncity Group and Summit Ascent in early December.
Suncity is part of a three-way joint venture that opened integrated resort Hoiana in Vietnam in mid-2020, holds a majority interest in Tigre de Cristal in Vladivostok, Russia via Summit Ascent and is developing a US$1 billion hotel and casino at Westside City Resorts World in Manila’s Entertainment City precinct.
Suncity’s junket entity, which was not directly linked to the listed company, officially announced the cessation of its junket business in December.
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