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SUMMIT ASCENT HOLDINGS LIMITED

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Delayed Hong Kong Stock Exchange  -  05/12 04:08:15 am EDT
0.0450 HKD   -15.09%
03/22Summit Ascent Holdings Limited Reports Earnings Results for the Full Year Ended December 31, 2021
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03/16Summit Ascent Forecasts Wider Loss in 2021; Shares Slide 5%
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03/15Summit Ascent Holdings Limited Provides Earnings Outlook for the Year Ended 31 December 2021
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Macau's Suncity confirms loan default by associate of controlling shareholder

12/10/2021 | 09:05am EDT
FILE PHOTO: A logo of Macau junket operator Suncity Group is seen at a gaming fair in Macau

(Reuters) - Macau's Suncity Group Holdings Ltd said on Friday that a company led by its controlling shareholder was served with a demand letter alleging a default had occurred under a loan agreement.

The loan taken on by Star Soul Investments was guaranteed by Chau Cheok Wa, the owner of the company, and also a controlling shareholder of Suncity.

Chau had resigned as chairman and chief executive officer of Suncity after being arrested last month over alleged links to cross-border gambling, with his junket operations closing all of its VIP gambling rooms in Macau in the wake of his arrest.

The letter demanded a full repayment of the loan of HK$313.6 million ($40.21 million) from Star Soul within five business days from Dec. 8, Suncity said in a statement.

If Wooco Secretarial Services Ltd, an agent acting on behalf of a syndicate of lenders, legally enforces repayment of the loans, it may lead to a change in control of Suncity, the embattled gambling group added.

Shares of Suncity and its unit Summit Ascent Holdings Ltd went on trading halts on Dec. 9, pending statements on the possible loan default. The companies have made applications to resume the trading of their shares on Hong Kong Stock Exchange on Dec 13.

($1 = 7.7998 Hong Kong dollars)

(Reporting by Yamini C S in Bengaluru; Editing by Amy Caren Daniel)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
SUMMIT ASCENT HOLDINGS LIMITED -15.09% 0.045 Delayed Quote.-69.59%
SUNCITY GROUP HOLDINGS LIMITED -5.08% 0.056 Delayed Quote.-55.56%
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Financials
Sales
Net income
Net Debt
P/E ratio
Yield
Capitalization 203 M 25,9 M 25,9 M
EV / Sales -1
EV / Sales 0
Nbr of Employees 994
Free-Float 29,3%
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Number of Analysts 0
Last Close Price 0,05
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Managers and Directors
Ming Huat Chua Chief Executive Officer & Executive Director
Ho Chi Yip Finance Director
Yau Cheung Lau Independent Non-Executive Director
Chak Hung Li Independent Non Executive Director
Kwan Sing Lam Independent Non-Executive Director
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