The CEO of Hong Kong-listed gaming and hospitality investor Suncity Group Holdings, Alvin Chau, has sold off his stake in Sun International Group Ltd a financial services firm with interests in money lending, securities and futures brokerage, assets management services, properties investment, digital currency mining and stallions.
Sun International informed the exchange this week that its controlling shareholder First Cheer Holdings ltd which owns 62.82% of issued share capital had reached an agreement to sell its entire interest to Fresh Success Investments Limited, which is wholly-owned by Sun Internationals Chairman and Executive Director Cheng Ting Kong.
Cheng and Chau each own 50% of First Cheer.
Under the terms of a sale and purchase agreement, Fresh Success will acquire the entire 62.82% stake held by First Cheer for a consideration of HK$143.5 million (US$18.5 million), to be payable within seven days of the offer being formally accepted.
The proceeds are to be funded via a shareholders loan directly from Cheng, the company said.
Cheng is also chairman of another Hong Kong-listed company, Imperium Technology Group Limited, whose business segments include online gaming, eSports, money lending, cloud computing and the manufacturing and sale of furnishings and home products.