Suncity Group pushes back Hoi An acquisition date

Suncity Group has requested another extension for its deadline to purchase a 34 percent stake in Vietnam’s Hoi An project until August 31.

The deal was originally scheduled to close on May 31, but was extended to July 31 as the company needed more time to fulfill certain conditions.

In a filing to the Hong Kong Stock Exchange on Wednesday, Suncity said the Vendor, Star Admiral Limited, is in process of obtaining consent from a Vietnam-based commercial bank to approve the acquisition, which they believe would be obtained by August 31.

Save for the condition relating to the Bank Consent, all other conditions have been fulfilled, said the company.