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Hong Kong-listed LET Holdings will continue to seek opportunities to sell off its non-core assets in Niseko, Japan, in a bid to aid its cash flow.
According to the report, LET seeks to “divest itself of its non-core business of property development in Niseko of Japan, a strategic move intended to enhance the Group’s cash flow, despite no buyer has been secured as of yet.”
This came shortly after LET’s decision to sell off its stakes in Russian casino Tigre de Cristal via Summit Ascent, LET’s subsidiary. The decision was made in the face of sanction risks and financial losses due to the ongoing Russian-Ukraine conflict. Similarly, no buyer has been secured for the deal as well.
The suspension of trading on HKEX since February 2024 will remain as of today.
At the same time, LET’s subsidiary, Summit Ascent, has appointed Chang Heng Kit as its new Non-Executive Director, with effect from 10 July 2024.
Chang was a general manager of a travel agency company in Vietnam, and the director of guest services and relations development of a gaming promoter in Macau from 2011 to 2021, prior to his current appointment.
It was emphasised that Chang has no prior relations nor held any prior position within LET and its subsidiaries before his current appointment.
Earlier, LET approved a $17m loan for its Philippines subsidiary Suntrust Resorts Holding for the construction of its main casino hotel under the Westside City development in Manila. The project is slated for completion in 2025.
