On July 12, 2024, Hong Kong-listed LET Holdings will continue to seek to sell its non-core Niseko, Japan assets to aid its cash flow.
The report said that LET seeks to "divest its non-core real estate development business in Niseko, Japan, as part of a plan to A strategic move to enhance the group’s cash flow, although no buyer has been identified to date.”
The decision comes after LET sold its stake in Russian casino Tigre de Cristal through its subsidiary Summit Ascent . The decision was taken in light of the sanctions risks and financial losses posed by the ongoing Russian-Ukrainian conflict. Likewise, a buyer for the deal has not yet been identified.
The trading suspension on the Hong Kong Exchange since February 2024 will continue until today.
Meanwhile, LET subsidiary Summit Ascent has appointed Chang Heng Kit as its new non-executive director from 2024 Effective July 10th.
Chang served as the general manager of a travel agency in Vietnam from 2011 to 2021, and customer service for a gaming promotion company in Macau and director of relationship development, a position he held prior to his appointment.
Chang had no relationship with LET and its subsidiaries and had not held any position prior to his appointment.
Earlier, LET approved a US$17 million loan for its Philippine subsidiary Suntrust Resorts Holding in Manila Construction of its main casino hotel under the Westside City development project. The project is expected to be completed in 2025.
