Hong Kong-listed Sun Century Group Ltd. has announced it plans to provide consultancy, advisory and technical services for an integrated resort project in Vietnam.
According to the company’s filing to the Hong Kong Stock Exchange, SunCity Group Management and Consultancy Ltd, a subsidiary of the company, entered into a memorandum of understanding (MOU) with an “independent third party” on Feb. 27, in relation to an integrated resort project in Vietnam.
Pursuant to the MOU, the two entities will aim to enter a “Technical Service Agreement”, and a Management Agreement, to be signed within six months of the MOU.
Under the agreement, the company will be given a US$500,000 pre-opening consultancy service fee for an initial period of twelve months from the signing of the Technical Service Agreement, while the management agreement is expected to last 10 years, or upon termination of the investment registration certificate of the project.
The resort in question however, was not specified in the filing.
Last year, Sun Century announced its intentions to diversify its business into tourism in markets such as Macau, Vietnam and South Korea.
It acquired Suncity Group Tourism Ltd with the intention to enter the tourism-related service business in Macau.
“The Group also plans to integrate its existing hotels and integrated resort management and consultancy service business with its new tourism-related service business, and provide consultancy, advisory, technical services for hotels or integrated resorts in places with rapid growth in the tourism industry,” said the company in previous filings.