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LET Group and Summit Ascent trading suspended in Hong Kong Exchange

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Hong Kong-listed LET Group and Summit Ascent suspended trading from 9 am on February 14th.

According to the Exchange notice, the Securities and Futures Commission has directed the Stock Exchange of Hong Kong Limited to suspend all dealings in the shares of LET Group and Summit Ascent following the Securities and Futures Rules.

Earlier last month, the majority of the Summit Ascent Holdings board of directors resigned in objection to the company’s intended departure from the Russian casino market, involving the sale of its shares in Tigre de Cristal, an integrated resort (IR) situated in the Primorye economic zone.

Summit Ascent intends to offload all of its shares in G1 Entertainment LLC, the operational entity behind Tigre de Cristal, to Dalnevostochny Aktiv, a Russian firm, for a sum of $116 million.

Summit Ascent notified the resignation of the company secretary on January 19th, while the resignation of the secretary will take effect from February 17.

LET Group, formerly known as Suncity Group, is the parent company of Summit Ascent.

LET Group is also the indirect controller of Philippine Stock Exchange-listed Suntrust Resort Holdings, the developer of a casino hotel scheme at Westside City in the Philippine capital Manila.

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