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 board of directors have proposed a name change for the group to LET Group Holdings LTD, in a dispatch to the Hong Kong Stock Exchange.
The new name LET Group, stands for Leisure, Entertainment and taste, according to the announcement from the firm.
The new name would be require an approval at the next general meeting.
“The Board is of the view that the proposed change of company name will better reflect the Group’s strategic business plan and future growth direction with a focus on tourism-related business,” the announcement said.
The company assured the market that the name change for Suncity Group Holdings “will not affect any rights of the shareholders or the day-to-day operations” of the company or its financial position.
“Accordingly, there shall be no arrangement for free exchange of existing share certificates of the company for new share certificates bearing the new name of the company,” Suncity Group Holdings announced.
The firm advised that all new share certificates of the company of the company shall be issued in the new name only.
The name change comes, as former Suncity Group Holdings Chairman, Alvin Chau, awaits trial in Macau. The former Suncity executive was detained by Macau authorities over illegal gambling allegations, and is expected to stand trial in September.
Chau relinquished all of his shares in the Hong Kong listed Suncity Group and Summit Ascent, allowing for former Deputy Chairman Andrew Lo Kai Bong to take control of both organisations.
The Suncity Group lead a massive investment at Hoi An with Hoiana and was focused on the development and operation of an IR in Entertainment City in the Philippines.
The group also has interests in the Tigre de Cristal integrated resort in the Primorye Region in Russia, as well as commercial property development in Japan and mall operations in China.
