LET Group Faces Trading Suspension Due to Ongoing Issues

LET Group's shares on the Hong Kong Stock Exchange continue to be suspended while the company works to meet the necessary conditions to resume trading. Among these requirements are the release of its 2023 annual financial results and the reappointment of independent non-executive directors to the board. The trading halt, initiated on February 14th, 2024, persists as the company strives to address these operational challenges.

Operational Updates and Project Developments

In a recent communication with the Hong Kong Stock Exchange, LET Group reported that its routine operations remain unaffected despite the ongoing trading suspension and the absence of independent directors. The company is progressing with its 2023 financial audit preparations, but as of now, there is no specified timeline for completion. In other developments, LET Group indicated that construction at its Westside City project in the Philippines is advancing well. To maintain the project's momentum, additional contractors are expected to join in the coming months. The goal is to have the casino ready for its anticipated opening in the first quarter of 2025. Though these projects are moving according to plan, LET Group still faces significant hurdles in its expansion efforts.

Challenges in Russian and Japanese Assets

The ongoing conflict between Russia and Ukraine continues to impact LET Group's assets in the region. The Tigre de Cristal casino in Russia has been particularly affected by the conflict and related sanctions against Russia, complicating operational capabilities there. These challenges have led LET Group to consider divesting its Russian assets to streamline operations. In Japan, LET Group is also attempting to divest its non-core property assets located in Niseko and Miyako Island. However, the company has not yet found buyers for these properties, despite its continuous efforts. The divestiture aims to allow LET Group to focus on more strategic core projects and strengthen its financial standing moving forward.

Source: LET Group trading suspension continues amid ongoing operational challenges, Asia Gaming Brief, January 10, 2025. 

Posted by Wizard
Jan 10 2025