Bid for Suncity Group – now LET Group – undervalued, says SFC

September 9, 2022 Industry Updates

A stock market regulatory panel from Hong Kong – The Takeovers and Mergers Panel of Hong Kong’s Securities and Futures Commission (SFC) – has said an offer to buy Suncity, now known as LET Group, has been massively undervalued.

Major Success Group made an opening bid for the former junket, but SFC says its bid must equate to HK$0.069 for every Suncity share, rather than the HK$0.0029 per share price initially offered.

The difference between Major Success Group’s offer for LET Group and the regulator’s assessment of its worth represents a difference of 2,279%.

Major Success Group’s beneficial owner is Andrew Lo Kai Bong, and it remains unclear whether Lo and Major Success Group will rebid for the embattled Suncity.