Andrew Lo Kai Bang was appointed chairman of Suncity rebranded LET Group Holdings as well as Summit Ascent Holdings, in fillings to the Hong Kong Stock Exchange.
Lo wears multiple hats in leadership positions at the LET Group Holdings Ltd as well as at the subsidiaries of the companies including Summit Ascent Holdings Ltd, and Suntrust Resort Holdings, Inc.
Lo chaired as Executive Director at LET Group Holdings Ltd, as Deputy Chairman with the subsidiary company Summit Ascent Holdings Ltd and continues to chair as Director of Suntrust Resort Holdings Inc.,
Lo also happens to be the brother-in-law of Chiu King Yan, Chief Financial Officer and Company Secretary of the Company.
Shareholding
As at the date of this announcement, Lo through his controlled corporations holds 6.87 billion shares of the LET Group Holdings Ltd of which 4.99 billion being the number of shares held and 1.88 billion being the number of underlying shares held under equity derivatives, representing approximately 103.08 percent of the total number of shares in issue of the Company.
Lo as a beneficial owner also holds 41.23 million shares of the LET Group Holdings Ltd of which 1.23 million being the number of shares held and 40 million being the number of underlying shares held under equity derivatives, representing approximately 0.61 percent of the total number of shares in issue of the Company.
As at the date of this announcement, Lo through his controlled corporations is deemed to be interested in 3.15 billion shares of the Summit Ascent Holdings Ltd, representing approximately 69.77 percent of the total issued Shares.
Appointment Terms
There is no service contract between the LET Group Holdings and Lo.
Lo is not appointed for any specific term and is subject to retirement by rotation and other related provisions as stipulated in the articles of association of the Company.
Lo’s emoluments were determined by the Board with reference to the recommendation from the remuneration committee of the Company based on Lo’s duties and responsibilities, experiences and qualifications.
Payment of bonus is determined with reference to the Company’s business performance, profitability and market conditions.
Other benefits include contribution to statutory pension plans and other fringe benefits according to the policy of the Company.
The amount of total remuneration to be paid by the Group to Lo for the year ending 31 December 2022 has been approved by the Board and remuneration committee of the Company.
The Director fee, allowance and benefits to be paid by the Group to Mr. Lo for the year ending 31 December 2022 is approximately HK$7 million
Whereas On 26 April 2022, Lo entered into a letter of appointment with the Summit Ascent Holdings Ltd or a term of three years commencing from 26 April 2022 and expiring on 25 April 2025, which term will be automatically renewed for consecutive term(s) of three years, subject to retirement by rotation and re-election at the annual general meeting in accordance with the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange and the bye-laws of the Company.
Lo is entitled to a director’s fee of HK$1.2 million per annum.
On 1 August 2022, Lo entered into a supplemental letter with the Summit Ascent Holdings Ltd in respect of benefits in kind borne by the Company of approximately HK$2.4 million per annum, representing the estimated money value of the annual market rental of the accommodation provided to him.
On 31 August 2022, Lo has entered into a letter of appointment with the Company in respect of the Re-designation with all other terms and conditions of the Letters of Appointment remaining unchanged.
The emoluments of Lo were determined by the Board with reference to the recommendation from the remuneration committee of the Company based on Lo’s duties and responsibilities, experiences and qualifications.
Bio
Lo, aged 43, joined the LET Group Holdings Ltd on 9 March 2017, as an executive Director and was appointed as director of certain subsidiaries of the Group.
Lo as a Non-executive Director of the Summit Ascent Holdings Ltd joined the company since 12 December 2018 until he was re-designated as an Executive Director of the Company and appointed as the Deputy Chairman of the Board on 26 April 2019.
He is a director of certain subsidiaries of the Company.
He has obtained a Bachelor of Arts degree from the University of Winnipeg in Canada.
Lo has been involved in the business development of the Group companies and subsidiaries’ overseas businesses.
He is also responsible for the corporate management, mergers and acquisitions of the Group and is experienced in the gaming industry.
Lo is a member of the Risk Management Committee of the Company.
