Hong Kong-listed Suncity Group Holdings Limited has announced plans to change its company name to LET Group Holdings Limited.
In a Monday filing, Suncity said the proposed name change would “better reflect the Group’s strategic business plan and its future development direction with the focus on tourism-related business.”
The company has been actively pivoting its business towards integrated resort operations in recent years, holding a stake in Vietnam’s Hoiana and controlling interests in Russia’s Tigre de Cristal and a new hotel-casino development in Manila’s Entertainment City.
Suncity explained that the “L” in LET Group Holdings Limited stands for “Leisure”, the “E” for “Entertainment” and the “T” for “Taste”.
“The Board believes that the new name can bring a new atmosphere to the Company’s corporate image and identity, which will help the Company better capture potential business opportunities and benefit the future development of the Group,” it said.
Suncity last week confirmed that its Executive Director Andrew Lo Kai Bong has become the company’s new majority shareholder after assuming the 74.98% stake previously held by former Chairman Alvin Chau. This followed the arrest of Chau last November on charges of alleged criminal association, illegal gambling and money laundering.