LET Group Holdings Pursues Profit Conversion Following Loan Repayment

The Hong Kong-listed company LET Group Holdings Ltd. is putting itself in a position to turn its share of a joint venture’s losses into accounting gains.

This comes after on Thursday, Gold Yield Enterprises Ltd. (GYE) paid back a $31.2 million outstanding debt to Star Admiral Ltd., an indirect subsidiary of the LET Group.

As per the filing on Tuesday, GYE has discharged all outstanding shareholder debts that are due to Star Admiral. Consequently, the Group expects to record a portion of the joint venture’s profit, reversing the portion of losses from prior years, subject to audit and in accordance with Hong Kong Accounting Standards.

Concurrently, the LET Group announces that it is looking into the possibility of ending GYE, a joint venture that it owns 50% of. After this separation, any excess assets will be divided equally between Alpha Era and the Group.

Furthermore, in accordance with Hong Kong Accounting Standards, any surplus assets acquired by the Group will be considered profit.

The company that owns Summit Ascent Holdings, the operator of the Tigre de Cristal casino resort close to Vladivostok, Russia, is LET Group, a significant player in the gaming industry.

But in January, after directors left due to an unsuccessful attempt to sell Tigre de Cristal’s gaming license, both LET Group and Summit Ascent Holdings were found to have violated the rules of the Hong Kong stock exchange.

In addition, the statement says that unless the firm satisfies all requirements of the Resumption Guidance, trading in LET shares on the Stock Exchange has been suspended as of February 14, 2024.

Original Story by: Asian Gaming Brief