Suncity aims to make Summit Ascent into a subsidiary

The Suncity Group explained in a June 1 filing to the Hong Kong Stock Exchange that it is aiming to take a 70 percent interest in Summit Ascent and make the company into a subsidiary.

Under the proposed deal, Victor Sky, a direct wholly-owned subsidiary of the Suncity Group, which currently holds a 22 percent stake in Summit Ascent, will see that stake upped dramatically. Together with Suncity’s direct stake in Summit Ascent, it will control nearly 70 percent of the shares.

The financial results of Summit Ascent would thereafter be accounted as a subsidiary of the Suncity Group and would be consolidated into the financial statements of the parent company.

The value of the deal is about HK$1.2 billion (US$161 million).

Summit Ascent is the operator of the Tigre de Cristal in the Russian Far East.

SHARE
Previous articlePansy Ho taking more direct role in MGM China: Bernstein
Next articleSkycity domestic gaming recovery encouraging

Related Articles

Deloitte resigns as Summit Ascent auditor

Summit Ascent has announced that Deloitte Touche Tohmatsu resigned as the auditor of the company with effect from November 17 2020, and the board, with the recommendation of its audit committee, has asked shareholders to approve Suncity, Crowe (HK) CPA Limited, as the new auditor.
Tigre de Cristal

Summit Ascent GGR growth to soar on Suncity backing

Brokerage house Credit Suisse has initiated coverage of Summit Ascent Holdings, giving the firm a strong vote of confidence due to the backing of major shareholder Suncity Group, with gross gambling revenue projected to surge 349 percent next year.

Summit Ascent boosting stake in Tigre de Cristal

Summit Ascent and the Suncity Group have jointly announced that they intend to raise their controlling stake in Oriental Regent Limited (ORL), operator of the Tigre de Cristal resort in Primorye, by a further 10 percent to 77.5 percent.

Suncity signs construction contracts with Megawide for Philippine project

Suncity Group said it has signed two construction agreements worth HK$1 billion with Megawide to develop its integrated resort project in the Philippines.
Suncity Group

Suncity Group: Striving for five-star entertainment

Suncity Group was founded in 2007 and since its establishment, it has been striving to provide an extraordinary VIP entertainment service for our guests. We opened a number of VIP Clubs in various 6-star hotels and resorts throughout Macau with the rapid growth of our business.

Hoiana gets two global tourism awards

Suncity Group Holdings said Hoiana has won two prestigious awards at the 27th World Travel Awards (WTA) and the World Golf Awards 2020. The resort has been named Asia’s Leading Tourism Development Project 2020, along with Hoiana Shores Golf Club being recognized as the World’s Best New Golf Course 2020.

Suncity plans direct VIP line at Tigre de Cristal

Suncity Group Holdings said it plans to set up a direct VIP business line at its Tigre de Cristal property in Russia to help drive business volumes and keep high junket rebates in house. The company said Summit Ascent may increase its stake in Oriental Regent, operator of the resort, to 67.5 percent from 60 percent previously and may end up holding as much as 89 percent if it is the only subscriber to an upcoming share issue.

Macau operator stocks gain: Suncity surges

Shares in Macau's casino operators all rose on Thursday following an upbeat earnings announcement from Las Vegas Sands, while stock in Suncity Holdings outpaced, surging almost 23 percent on the day.

Suncity gets two-year extension to bond maturity

Suncity Group said it has secured a two-year extension to the conversion date of outstanding convertible bonds, which are mostly held by a company controlled by Chairman Alvin Chau.

Suncity completes acquisition of nearly 70% of Summit Ascent

Suncity has now increased its stake in Summit Ascent from approximately 24.7 percent before the recent rights issue to approximately 69.7 percent, taking a controlling stake in the operator of Tigre de Cristal in the Russian Far East.