Hong Kong Stock Exchange-listed LET Group and its partner company Summit Ascent have announced that they are not going to contest a mandate to delist from the bourse, with their last day of trading to take place on August 29th.
According to filings from both companies, their shares will be cancelled on the exchange with effect from September 1st.
Following the delisting there will be ‘no public market for the trading of the shares’ in either company, however the ‘share certificates for the shares will remain valid and continue to represent legal ownership’.
This comes after the Listing Committee of the Stock Exchange ‘resolved to cancel the Company’s listing’, given that it did not fully satisfy the requisite rules to remain on the exchange and resume trading by July 10th.
The move comes amidst recent infighting at the company, after the group’s Chairman moved to unilaterally sell off the group’s assets in the Tigre de Cristal integrated resort in Russia, which prompted a board exodus, putting it in breach of the bourse rules.
According to the group in mid-July, there is a going concern for the group’s ability to continue due to its current assets and liabilities.
The LET Group has been divesting its assets to focus solely on the Westside City project in the Philippines.
