LET Group holdings, the Asian gaming investor previously known as Suncity Group, said Sunday it has received a HK$895.4 million (US$115 million) loan repayment linked to its Vietnam integrated resort development, Hoiana.
According to details contained within a Hong Kong Stock Exchange filing, the repayment represents the overdue portion and interest accrued on an initial US$30 million loan, plus subsequent advances, provided by LET Group’s wholly-owned subsidiary Star Admiral Limited to its 50%-owned Gold Yield Enterprises Limited (GYE), the operating entity of Hoiana, in 2020.
LET Group had flagged in March 2022 that GYE was in default after failing to pay back any of the loan amount or interest by its initial February 2022 due date.
A year on, the company said GYE is now fully settled in regard to its owed amounts, with the remaining outstanding balance of HK$243.4 million (US$31 million) representing the outstanding balance of the equity loans to a joint venture which are interest-free, unsecured and with no fixed repayment term.
Subject to audit, it is expected that the repayment amount will see LET Group record a gain of approximately HK$515 million (US$66 million).
LET Group said it has now provided shareholder’s loans to GYE totalling HK$1 billion (US$129 million), which including interest accrued held a carrying amount of HK$571 million (US$73 million) at the end of 2021. This, the company added, comprised HK$387.4 million (US$49 million) in equity loans to a joint venture, HK$166.7 million (US$21 million) in loans to a joint venture and HK$16.9 million (US$2.2 million) in amounts due from a joint venture.
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