Hong Kong-listed Sun City Group Holdings, an investor in a number of Asia-Pacific casino resort projects, plans to change its name to LET Group Holdings. The company said in a filing Monday that the new name ‘L’ means ‘leisure’, ‘E’ means ‘entertainment’ and ‘T’ means ‘taste’. 경마사이트프로
“The Board believes that the proposed change of mission will better reflect the group’s strategic business plans and future development directions, focusing on tourism-related businesses,” it said in a statement.
The name change will have to be approved at an extraordinary general meeting, but it will still be called.
Alvin Chowchuckwa, former chairman of SunCity Group Holdings and founder of privately owned Macau junket brand SunCity Group, is currently in Macau custody awaiting the start of a September trial expected to be charged with illegal gaming, criminal associations, fraud and money laundering.
The proposed name change for listed corporation SunCity Group Holdings “will not affect shareholder rights or the company’s day-to-day operational or financial status,” the company said in a filing on Monday.
“There will therefore be no arrangement to exchange the company’s existing share certificates for free with the company’s new name on them,” SunCity Group Holdings added.
“With the implementation of the company name change plan, all new certificates of the company will be issued under the new name only,” he added
The group’s main business interests include investments in the development and operation of casino resorts through Manila-listed SunTrust Resorts Holdings Inc. at the West Side City Project in Manila, the Philippine capital. The project will cost about US$1 billion and begin operations in 2024.
SunCity Group Holdings, through its Hong Kong-listed Summit Accent Holdings and its affiliates, is also interested in the hotel and gaming business of Tigre de Crystal in the Maritime Integrated Entertainment Zone near Russia’s Pacific port of Vladivostok.
Sun City Group Holdings is also interested in real estate development in Japan and the management and operation of shopping malls in mainland China.
