Hong Kong-listed Suncity Group Holdings Ltd said on Thursday it is purchasing 34% of a casino project for HKD600 million (US$76.8 million).
A company filing revealed that the buyer is Goal Summit Ltd, a wholly-owned subsidiary of Suncity Group Holdings which chairs Macau junket investor Alvin Chau Cheok Wa; whilst the seller is the Suncity International Holdings Ltd, the a British Virgin Islands based company fully owned by Mr Chau.
This acquisition will include 50,000 shares as well as the latter’s obligations, liabilities and debt. Although the casino in Hoi An, Vietnam is not expected to be completed until 2019, this transaction offers investors in Suncity Group Holdings greater exposure in Southeast Asian markets.
“The group is confident on the outlook [of] the tourism sector in Vietnam and believes there will be an increasing demand for resort facilities in popular tourist destinations [in] the country, including Quang Nam province, which has received almost a quarter of the country’s total number of foreign visitors in 2016,” read on a corporate note.
The whole development has had an initial investment of $89m by Hoi An South Development, the main promoter of the project Alongside a 140 gaming table casino, the property will include a golf course, guest rooms and a condo-hotel.