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.
