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.