Suncity Group and Summit Ascent have issued a trading halt with effect from on Friday, 13 May 2022.
Felix Ng -
Summit Ascent Holdings believes that its developing integrated resort in Entertainment City will offer the group an alternate “fast pass” to tap into the pan-Asian gaming market once completed.
Summit Ascent Holdings posted a 26 percent gain in 2021 revenue and turned adjusted EBITDA positive, but said it was postponing the development of the second phase of its Tigre de Cristal project in Russia due to economic uncertainties.
Summit Ascent Holdings, which operates the Tigre de Cristal resort near Vladivostok in Russia, said it expects to post an increase in revenue of 26 percent for 2021 and turn adjusted-EBITDA positive.
Stock in Suncity Group Holdings and its Summit Ascent unit was suspended from trading on Thursday, pending an announcement about a possible loan default by an associate of their controlling shareholder.
Summit Ascent Holdings said that Dr U Chio Ieong has resigned effective immediately, becoming the second non-executive director to depart in two weeks.
Summit Ascent has clarified that its non-executive director Philip Wong has stepped down to devote more time to his other business commitments.
Summit Ascent Holdings said non-executive director Wong Pak Ling, Philip, is stepping down from the company with immediate effect as "his resignation would be in the best interests of the company."
Shares in Suncity Group Holdings slumped to a record low on the resumption of trading in Hong Kong on Tuesday, while Summit Ascent saw its stocks tank 63 percent to their lowest in 14 years following the arrest of Alvin Chau.
Summit Ascent Holdings has released a business update on its Tigre de Cristal property in Russia’s Primorye gambling zone, pointing out that revenue was back at pre-pandemic levels, or better.