Asian junket behemoth Suncity Group Holdings Limited has reportedly introduced that certainly one of its subsidiaries has agreed offers to accumulate an extra 7.5% stake in Oriental Regent Limited and take its mixed curiosity within the agency as much as 67.5%.
According to a report from GGRAsia, the goal agency is engaged within the promotion of japanese Russia’s Tigre de Cristal on line casino resort with the 2 purchases to be carried out by Summit Ascent Russia, which is a subordinate of Hong Kong-listed Summit Ascent Holdings Limited. The source detailed that Suncity Group Holdings Limited owns a 69.6% stake on this latter enterprise underneath the management of its Chairman, Alvin Chau Cheok Wa, and shall be shopping for the extra stakes from present holders Joyful Happiness Limited and Sharp Way Group Limited.
Suncity Group Holdings Limited reportedly defined that Summit Ascent Russia has organized to pay Joyful Happiness Limited roughly $1.59 million for the 7,000 shares it holds in Oriental Regent Limited. The Hong Kong-headquartered large purportedly revealed that its subordinate is to furthermore assume management over an impressive mortgage price round $3.78 million mortgage to take the mixture worth of this transaction as much as about $5.37 million.
For the two.5% stake in Oriental Regent Limited held by Sharp Way Group Limited and Suncity reportedly declared that it has agreed to take over a mortgage price roughly $1.89 million and permit the present proprietor to swap its holding for shares in Summit Ascent Holdings Limited.
Located in Russia’s casino-friendly Primorye Integrated Entertainment Resort zone, Tigre de Cristal reportedly opened some 30 miles north of the port metropolis of Vladivostok in 2015 and at present options a big on line casino full with in extra of 760 slots in addition to virtually 70 gaming tables. The Siberian venue is purportedly at present concerned in revising plans for a $200 million enlargement that’s anticipated to double the scale of its gaming ground whereas moreover including a variety of extra family-friendly facilities similar to an indoor seaside membership and conference amenities.
Suncity Group Holdings Limited reportedly proclaimed that it opted to accumulate the pursuits held by Joyful Happiness Limited and Sharp Way Group Limited after the pair made it identified that they ‘do not intend to provide their respective shares of equity funding’ as a part of Oriental Regent Limited’s marketing campaign to lift some $65 million in enlargement capital.
Reportedly learn a press release from Chau…
“The potential to acquire further stakes in Tigre de Cristal is a strong injection in confidence that both Suncity Group Holdings Limited and Summit Ascent Holdings Limited are fully motivated to drive up business volumes in Tigre de Cristal.”