Macau's junket operator Suncity hits 7-mth high on naming new majority shareholder

LET group

07/07/2022 03:44

** Shares in Macau's junket operator Suncity Group Holdings
Ltd  1383.HK  soar as much as 257% to HK$0.20, the highest since
Nov. 26, as the stock resumed trade after naming new majority
shareholder
    ** Stock, which halted trade since May 13, last up 186% and
set for the biggest daily pct gain since Sept. 2012, if gains
hold with market value at HK$1.08 bln ($137.62 mln)
    ** Stock is the biggest percentage gainer on the Hong Kong
bourse
    ** Suncity, which brings in high rollers to gamble in the
Macau's VIP parlours, said executive director Andrew Lo was its
new majority shareholder  urn:newsml:reuters.com:*:nL1N2YO023
    ** Co's previous chairman, Alvin Chau, faces charges
including illegal gambling and money laundering and is due to be
tried in September in the world's biggest gambling hub Macau.
Chau has been detained pending his trial, while Suncity has
denied wrongdoing
    ** Shares of its gaming and hotel unit Summit Ascent
Holdings  0102.HK  jump as much as 162% to HK$0.118, highest
since March 14
    ** Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  both fall 0.9%
    ** As of last close, Suncity's stock had dropped 55.6% this
year, Summit Ascent down 69.6%


($1 = 7.8477 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))