First Steamship mulling Summit Ascent stake sale

First Steamship Co. is considering an approach to buy its entire stake in Summit Ascent Holdings, saying a potential gain would help boost the group’s earnings.

Summit Ascent, the operator of the Tigre de Cristal resort near Vladivostok, said last week that First Steamship had been approached by a third party to acquire its holdings.

“The potential sellers are considering the proposed offer to acquire their shares but have not come to a decision. They will inform the board once they come to a definitive decision in this respect,” Summit Ascent said in a Hong Kong Stock Exchange filing.

First Steamship spokesman Lee Shih-ming  told a media briefing that no decision has yet been taken.

The offer is [good] enough for us to consider the bid,” Lee was cited by local media as saying.The sale would contribute income of HK$123 million ($15.6 million), which would help boost First Steamship’s earnings of NT$0.77 per share, Lee said.

First Steamship purchased the 286 million shares at an average price of HK$1.04 per share, lower than the offer price, he said.