Suncity Group set to acquire 34 pct stake in Hoi An project

Goal Summit Ltd, a subsidiary of Suncity Group Holdings, is set to acquire a 34 percent stake in an integrated resort project in Hoi An South for an aggregate consideration of HK$600 million ($76.8 million).

The deal involves the acquisition of the entire equity interest in Star Admiral Limited, which indirectly owns approximately 34 percent of Hoi An South Development Ltd (Project Co), developer of the integrated resort project in Hoi An. 

The integrated resort consists of a casino, hotels, residential areas, and a golf course. According to the company filing, phase 1 development of the project is expected to be completed on or before mid 2019.

The aggregate consideration for the deal, which amounts to HK$600 million, is payable through a HK$303 million promissory note, as well as a HK$297 million convertible bond.

Suncity said the acquisition of the casino could help the company tap into the potentially expanding gaming market in Vietnam, which in line with the group’s objective to develop tourism-related business in the country.

More news from this jurisdiction

VietnamWednesday, Oct 11, 2017

The chief executive officer of state-owned lottery company, Vietnam Lottery Co. Ltd. (Vietlott) resigned earlier this month, according to an announcement from the Ministry of Finance.

VietnamMonday, Sep 25, 2017

Suncity Group Holdings on Friday announced that it has entered into a Technical Services Agreement with the developer of the integrated resort in the Quang Ninh Province in Vietnam.

VietnamThursday, Sep 07, 2017

Commercial banks will be allowed to trade and provide foreign exchange services related to casinos from October.

VietnamWednesday, Aug 30, 2017

The Ho Tram Project Company Ltd (HTP) has announced the launch of KAHUNA Ho Tram Strip condotel and villa project.

VietnamWednesday, Jul 19, 2017

The provincial committee of Thua Thien-Hue is asking the government’s permission to increase the investment capital of the Laguna Lang Co project to US$2 billion, as well as to open a casino in the complex.

VietnamSunday, Jul 02, 2017

The Ho Tram Project Company (HTP) has inked a Memorandum of Understanding with a Vietnam-based natural gas distributor in a move towards cleaner, greener power.

VietnamThursday, Jun 29, 2017

Adverse changes in the regulatory environment in Vietnam have prompted Success Dragon to terminate its Greyhound operation agreements in Vietnam.