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Summit Ascent issues update on Tigre de Cristal and trading suspension

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Summit Ascent Holdings has released a quarterly update regarding its business operations and the status of the HKEX trading suspension.

The ongoing Russia-Ukraine conflict and associated sanctions have posed significant challenges to Summit Ascent’s Tigre de Cristal operations in Russia. Amidst this turbulence, the company is strategically diversifying its investments into the gaming markets of the Philippines and non-core ventures in Japan.

However, trading in Summit Ascent’s shares at the HK stock exchange has been suspended since February 14, 2024. The suspension will continue until the company meets specific conditions outlined in the Resumption Guidance, including demonstrating integrity in management, fulfilling financial reporting obligations, adhering to corporate governance standards, and ensuring transparent disclosure practices.

Regarding the Resumption Guidance, Summit Ascent acknowledged its efforts to comply with integrity requirements but cited challenges in finalizing financial statements due to the absence of an audit committee. The company is actively seeking suitable candidates to fill key roles to address this issue.

Frank Schuengel
Frank Schuengel
Frank Schuengel is an online gambling industry veteran with over twenty years of experience in Europe and Asia. Equally at home in the Isle of Man and the Philippines, he started his career as a sports trader before setting up and running whole operations, and more recently focusing on the regulatory and licensing side of things in the worlds of fiat and crypto eGaming. When he is not writing about gambling topics, he can be found cycling around Manila and advocating sustainable transport solutions for a Philippines based mobility magazine.

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