The LET Group is planning to dispose of a property in Hokkaido, Japan, for some $27 million.
The group has entered into an agreement with Singaporean oil and gas company NAUTICAWT ENERGY for the sale of the 220,194 square meter property, originally planned to house over 50 villas and townhouses and a 40-room hotel.
The move comes after the former Suncity group fully canceled its Japan casino intentions, amongst the ongoing internal shifts of the operator.
The group notes that the sale will generate pre-tax neg proceeds of $26.2 million, which it intends to use to ‘repay the outstanding liabilities of the Group, business development, and general working capital’.
The LET Group recently announced it successfully significantly lowered its loss for 2022, totaling just HK$138.4 million ($17.63 million) compared to HK$258.3 million ($32.9 million) in 2021. It says it now plans to focus its efforts on the Philippines.
In its most recent release, the group notes that it will ‘continue to offload assets to aid survival by focusing on the most profitable business segments only’.
The group notes it has further ‘planned and negotiated’ the sale of other parcels of land ‘including but not limited to parcels of land in Japan (which includes the Property).
