A loan of US$99 million was previously given by Suncity to GYE for the Hoiana IR development in Vietnam
According to a Monday filing in Hong Kong, Suncity Group Holdings Ltd., are advancing 50% of the US$60 million loan to Gold Yield Enterprises (GYE) for the ongoing development of the Hoiana IR casino resort project in Vietnam.
The other US$30 million of the US$60 million loan will be coming from the firm wholly-owned subsidiary of the Suncity Group, the Star Admiral Ltd, a British Virgin Islands (BVI), and from the independently owned Alpha Era.
Star Admiral and Alpha Era are equal partners in GYE owning 66.6% of Hoi An South Development Ltd (HASD), Hoiana’s developer and Vietnam’s VinaCapital Corporate Finance Ltd. owns the remaining 33.3% HASD stake.
According to Suncity Group Holdings’ filing, the interest on the loan is 14 percent per year with accrued interest payable every three months.
Suncity Group said, “In light of the increasing demand for tourism-related business in the Southeast Asian region, the Board holds a positive outlook for the Project in the future and it is expected that the Group will benefit from the future success of GYE and the Project,”
“It is necessary for GYE and the Project to have sufficient funds for its future business development and to meet its capital needs for development” they added.
A loan of US$99 million was previously given by Suncity to GYE for the Hoiana IR development.
The Hoiana integrated resort began in 2016, marking the official launch of the most potential tourism development project in central Vietnam, and after four years of hard work, the Hoiana integrated resort has opened part of the facilities on June 28, 2020.
Suncity Group Holdings Ltd, managed by the boss of Macau junket group Suncity, was granted a casino operating license on May 15, 2020, paving the way for Phase 1 development of the property that is scheduled to take place next year.
The US$4-billion Hoiana joint venture between Suncity Groups that owns 34% of the stake, Chow Tai Fook and Vina Capital Group, situates in Vietnam’s Quang Nam Province – Hoi An South.
Suncity Group Holdings told Hong Kong Stock Exchange on Friday that it had secured an agreement to extend the maturity date by “24 months” (to August 28, 2022) on some no-interest convertible bonds and on a promissory note.
Alvin Chau, Suncity Group Holdings Executive Director, is featured in our SiGMA Magazine as a pioneer iGaming innovator in the spotlight international section representing Asia.