Alvin Chau, Suncity Group CEO, touts "robust fiscal foundation" to put shareholders' minds at ease
The Suncity Group, Macau’s VIP Club operator, will exempt and compensate their shareholders for any losses between February and May 2020 through the group’s independent fiscal reserve.
Alvin Chau, The Suncity Group CEO, stated, “shareholders will be exempted from the loss recorded from February to May 2020, and normal calculations will be resumed in the month of June, except for shareholders whose shares are withdrawn.”
Chau guarantees this in a letter that was dispatched to the shareholders on Tuesday, disclosing a “robust fiscal foundation” that the group had established over the years which they will now make use of to steer the coronavirus pandemic.
“It is not an easy decision for both myself and Suncity Group and I urge you, my fellow shareholders, to continue to stand together with the Group as we march towards the long-term objective of prosperity,” Chau expressed.
“The Group will continue its effort to minimize the loss sustained by shareholders during the pandemic as we deeply appreciate all your support, especially during these hard times.”
From June, the fiscal reserve will compensate the full amount of employee salaries as well as rebates for account deposits until either the 4th Quarter of 2020 or January 2021, to be determined by the market recovery in that point in time.
Chau stated, “As we strive to protect the livelihood of our 4,500 employees as well as maintain the confidence of our shareholders, Suncity Group is prepared to employ various long-term measures, remaining steadfast as we march towards a better future.”
As soon as the impacts of the COVID-19 diminish and the operation of the business resumes, the Suncity Group’s dividend calculation scheme will recommence.
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