Shareholders of casino investor LET Group Ltd approved a proposal to dispose of the group’s investment in Russia’s Tigre de Cristal casino resort. The announcement was made in a filing with the Hong Kong Stock Exchange on Thursday.
The proposal, tabled by Major Success Group Ltd, the controlling shareholder of LET Group, was passed at an extraordinary general meeting on Thursday. 바카라사이트
The proposal stated that it was in the company’s interest to “implement the disposition” by the division, which directly controls Tigred Crystal. It also said the LET Group board was “asked to take action and allocate resources to implement the disposition plan as soon as possible.”
In July, the LET Group said it would resume attempts to sell Tigred Crystal’s promoter, noting that the sale price should be “more than $92.8 million.”
The LET Group has not yet identified a potential buyer. In an earlier filing, such litigants “should be a third party (i) independent of the LET Group,” it said.
LET Group said in February that the sale of its Tigred Crystal casino operations to a Russian company had ended at the request of prospective buyers.
The deal, which was first disclosed in January, was to divest 100% of G1 Entertainment LLC, which is wholly owned by a company called Oriental Regent Ltd, for US$116 million.
Oriental Regent is a company whose majority controlling subsidiary of LET Group, Summit Accent Holdings, operates gaming and hotel businesses at the Tigre de Crystal Casino Resort near Vladivostok, Russia.
G1 Entertainment holds a Tigre de Cristal game license granted by the Russian government.
Summit Ascension owns a 77.5% stake in Oriental Regent. The Taiwanese company Pirich Enterprises Limited said it holds a 20% stake in Oriental Regent through its subsidiary Pirich Investment Limited.
On Thursday, Summit Accent’s shareholders approved an offer to sell all or a majority of G1 Entertainment’s outstanding shares.
Trading in Hong Kong shares by Summit Ascension and LET Group has been suspended since mid-February.
In an earlier filing, LET Group said it would use some of the proceeds from the potential sale of G1 Entertainment to pay special dividends to Summit Ascension shareholders.
The remainder will be used to fund construction of a casino resort project in Manila, the capital of the Philippines, which is being developed by its subsidiary SunTrust Resorts Holdings, as well as general working capital. The Manila venue will begin operating in the first quarter of 2025.