Suncity completes acquisition of Hoiana stake

Suncity Group on Tuesday announced it has completed the acquisition of its 34 percent stake in the Hoiana IR development in Central Vietnam.

The acquisition involved the acquisition of the entire equity interest in and shareholders loan to Star Admiral Limited, a company involved in the IR project.

The deal was originally scheduled to close on May 31, but was pushed to August 31 after the company requested more time to fulfil certain conditions and to receive approval from a Vietnam-based commercial bank.

On Tuesday, Suncity announced it had completed the acquisition of Star Admiral, which has now become a wholly-owned subsidiary of the company.

Hoiana is expected to open in mid-2019 with entertainment and retail facilities, a casino with 140 tables and 1,000 slot machines, a golf course clubhouse, a mass market hotel with 313 hotel rooms, an all-suite hotel with 136 suites, a hotel villa resort with 70 units, as well as 30 villa units for sale and timeshare rental, and a condo-hotel with 236 rooms for sale and timeshare rental.