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Suncity unit extends long stop date for HK$600M stake deal in Vietnamese project

Suncity Group Holdings Ltd.'s unit will extend the long stop date for a HK$600 million deal to purchase the Star Admiral Ltd. project company and its shareholder's loan, which will garner the buyer an approximately 34% interest in a Vietnamese property development.

The long stop date for the stake deal between Goal Summit Ltd. and seller Suncity International Holdings Ltd. is being pushed back to July 31 from May 31, as the parties require additional time for the fulfillment of certain conditions.

Following the closing of the deal, Star Admiral, which owns a roughly 34% effective interest in a Vietnamese integrated resort project, will become a subsidiary of Suncity Group. The project is set to deliver a casino, hotels, residential spaces and a golf course in Hoi An, Vietnam.

Goal Summit will purchase Star Admiral's entire equity interest and loan using proceeds from the HK$303 million promissory notes and HK$297 million convertible bonds that Suncity Group plans to issue.