Suncity Group CFO involved in US$1 bln cigar deal

Suncity Group Holdings Ltd Chief Financial Officer, Chiu King-yan, is a board member in a company involved in the 1.04 billion euros (MOP9 billion/US$1.1 billion) purchase of Imperial Brands Plc’s premium cigar business, news agency Bloomberg reported.

According to the report, Chiu one of the three board members of Allied Cigar Corp, a private firm incorporated in Hong Kong on March 10 and that recently purchased Imperial’s premium cigar business outside of the US.

Imperial Brands plc, is a British multinational tobacco company and the deal includes its high-end cigar portfolio covering the Romeo y Julieta, Cohiba and Montecristo brands.

Chiu is also an executive director of Summit Ascent Holdings Ltd. the operator of Tigre de Cristal, an integrated resort in Vladivostok, Russia in which Suncity holds a majority stake.

The other Allied Cigar board members include Chiu Ping-shun and Joyce Lam.

A representative from Suncity commented to Bloomberg that the Allied Cigar deal is not related to the publicly traded unit of the Macau junket operator.