Hong Kong-listed LET Group Holdings, formerly known as Suncity Group, said Friday it has now been paid in full the outstanding HK$243.4 million (US$31.2 million) owed to it for loans granted to the operating entity of Vietnam integrated resort Hoiana.
In a filing, the company confirmed the repayment, made on 18 April, was related to an initial US$30 million loan plus later advances provided by LET Group’s wholly-owned subsidiary Star Admiral Limited to its 50%-owned Gold Yield Enterprises Limited (GYE) in 2020.
A previous instalment was repaid in March 2023.
LET Group also revealed that, with the full loan amount repaid, it is now looking into dissolving GYE, which if it happens would see “any surplus assets available” distributed equally between the company and Alpha Era Investments Ltd, which holds the other 50% of GYE.
“The surplus assets (if any) that will be received by the Group would, in accordance with Hong Kong Accounting Standards, be treated as a profit,” it said.
While LET Group was one of three initial investors in Hoiana, reported emerged last year that the company had relinquished management responsibilities of the IR with Hong Kong’s powerful Cheng family, which owns and operates global jewelry giant Chow Tai Fook, taking over instead.
The future of Hoiana had been under a cloud following the arrest of Suncity Group CEO Alvin Chau in late 2021. The arrest of Chau, who has since been jailed for 18 years, proved a key moment in the collapse of the China-facing junket industry which was to have provided a majority of Hoiana’s VIP customers.
LET Group has instead been focusing its energies on development of a new US$1.1 billion hotel and casino in Manila’s Entertainment City, but recently saw a deal to sell off its interest in Russian casino Tigre de Cristal fall through.
The company said Friday that trading in its shares remains suspended after its entire Board of Directors, with the exception of Chairman Andrew Lo Kai Bong, had quit in protest at the attempted sale of Tigre de Cristal.
Trading will remain suspended, it added, until it as met all resumption guidance and “remedied the issues causing its trading suspension.”
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