Summit Ascent announces board changes after Suncity hikes stake

Summit Ascent Holdings has announced board room changes after Suncity Group Holdings increased its stake in the operator of Tigre de Cristal earlier this month.

Suncity’s Chief Investment Officer Andrew Lo Kai Bong has been re-designated from non-executive director of Summit Ascent to executive director and has been appointed as deputy chairman of the board.

Suncity Chief Financial Officer Chiu King Yan has been appointed as executive director. Chiu has over 19 years of experience in audit, accounting, private equity investment and corporate finance, obtained from his previous working experience in international accounting firms and various listed companies in Hong Kong.

To pave the way, Kuo Jen Hao resigned as non-executive director and chairman of the board.

Suncity on April 23rd said it had bought a further 24.68 percent stake in Summit Ascent for HK$717.8 million ($91.5 million) as it seeks to build an “integrated tourism-related platform.”

The purchase takes the group’s total interest in the operator to almost 28 percent. The price per share was HK$1.94, which represents a premium of about 31.08 percent to the closing price as of the April 23rd date of the agreement.

Commenting on its reasons for the acquisition, Suncity said the group wants to build an integrated tourism-related platform through equity investments as well as provide tourism-related services to the resorts.