Change of control over loan risk for Suncity listco

A company managed by detained Macau junket boss Alvin Chauchukwah will have to repay just over HK$313.6 million ($40.2 million) in full to a group of lenders by midweek. If it fails to do so, the lender will also take control of Hong Kong-listed casino investor Suncity Group Holdings, which is managed by Chau.

Lenders said the unlisted company, Stasoul Investments Inc., led by Mr. Chow, was defaulted on its debt, according to data filed by Suncity Listco on Friday.

If you can't find the money within five business days starting Dec. 8, just over 4.99 million shares of Sun City Group Holdings, which Mr. Chow promised as a loan guarantee, could change hands instead of debt.

The amount of the stock represents about 74.85% of Suncity Listco's total issued equity capital, controlled by a company called Fame Select Ltd, which owns 50% by Zhu and 50% by a person named Cheng Ting Kong.

Whether those shares will go to the lender group, that could amount to a change in control of Suncity Group Holdings.

SunCity Listco warned last week of default risks caused by "the executability of the company's controlling shareholder and the enforceability of the billed securities."

Suncity Group Holdings, through its wholly owned subsidiary Suntrust Home Developers Inc., is participating in a casino hotel under construction at the Westside City initiative in Entertainment City, Manila, Philippines.

The company is an investor in the hotel and gaming business (Tigre de Cristal) in the Russian Federation's Primorsky Krai through Summit Ascent Holdings Inc., which is listed in Hong Kong.

Suncity Group Holdings is also involved in a joint venture at Hoiana Casino Resort in Quang Nam, Vietnam, which opened in late June 2020.

BY: 릴게임사이트