Suncity Listco Offers $34M Loan Stake In Hoiana

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A division of Suncity Group Holdings Ltd. will lend just over $17 million to the founder of an underdeveloped Hoiana casino resort in Vietnam as part of a $34 million loan.

Hong Kong-listed Suncity Group Holdings is controlled by Alvin Chau Check Wa, president of Macau VIP gambling junket brand Suncity Group.

SunCity Brands is one of the investors in the Hoana Casino scheme and the group's listed company is managing the Hoana casino business, according to a May filing with the Hong Kong Stock Exchange. Hoana has been described in a press release related to the project as a $4 billion multi-level development.

The first phase has been expected to take place this year, although at least when it is rolled out, it will not receive national government permission to allow economically eligible Vietnamese athletes to gamble there.

In August 2018, Suncity Group Holdings said it had completed a transaction offering a 34% stake in its Vietnamese casino scheme.

In a filing on Tuesday, Listko said Star Admiral Inc., an indirectly wholly owned subsidiary registered in British Virgin Islands, would provide $17 million to another BVI company, Gold Yield Enterprises Inc., the promoter of the Joana Islands. The latter is 50% owned by Star Admiral, and 50% by Alpha Era Investments Inc, a BVI agency described as an "independent third party" related to Suncity Group Holdings.

"Given the growing demand for tourism-related businesses in the Southeast Asian region, the board has a positive outlook for future projects, and the group is expected to benefit from the future success of gold-yielding companies," Suncity Group Holdings said in a release to the Hong Kong Stock Exchange on Tuesday

The parent group is also involved in "providing hotel and integrated resort general consulting services in Vietnam and Cambodia," the filing said.

BY: 릴게임사이트