Former Suncity Group, LET Group Holdings, has issued some HK$50.03 million ($6.37 million) in new stock in order to pay off some HK$19 million ($2.42 million) in interest on an outstanding loan and settle the capital necessary for another loan agreement it has entered into.

Suncity is seeking to be rebranded as LET Group, standing for Leisure, Entertainment, and Taste, to reflect the Group’s strategic business plan and future growth direction with a focus on tourism-related business.

Suncity Group Holding said it has requested its stock resume trading on the Hong Kong Stock Exchange on Thursday pending a decision on whether it needs to make an offer for all outstanding stock not owned by executive director Andrew Lo and other directors.

Suncity Group Holdings said that the group has adopted the Hong Kong Dollar as the presentation currency for its consolidated financial statements for the year ended 31 December 2021 and going forward.

Suncity Group Holdings said one of its units has agreed to sell a Bombardier aircraft to a U.K. buyer for $10 million to reduce operating costs and raise liquidity for the group.

Suncity Group Holdings said it is suspending the operations of its travel and related business division, which accounted for about 17.4 percent of revenue in 1H21, following the loss of support from Chairman and CEO Alvin Chau.

Suncity Group Chairman Alvin Chau was transferred to a local jail pending trial, with his arrest continuing to reverberate through the industry, sending shares in Macau’s casino operators plunging on Monday.

Suncity Group said its Hoiana integrated resort in Vietnam has generating revenue of $4.8 million since its preview in June last year and had an adjusted EBITDA loss of about $32 million.

Suncity Group has revealed that it has sold off some non-gaming properties that it owned in Shenzhen, notably Hong Long Plaza, a commercial and residential complex, and Le Paysage, a property development project.

Suncity Group was founded in 2007 and since its establishment, it has been striving to provide an extraordinary VIP entertainment service for our guests. We opened a number of VIP Clubs in various 6-star hotels and resorts throughout Macau with the rapid growth of our business.