Summit Ascent Holdings Ltd’s company secretary Mok Wing Wai has resigned, adding to the recent wave of resignations hitting the company.
In a filing on Thursday, January 18, Summit Ascent Holdings Ltd revealed that it is set to face a shortage of both a company secretary and the required number of directors as per the rules of the Hong Kong Stock Exchange. The company announced that Mok Wing Wai, engaged through Tricor Services Ltd to provide specific corporate secretarial services, has submitted her resignation effective February 17.
The filing clarified that Ms. Mok resigned amicably, expressing no disagreement with the board, and there were no matters related to her resignation that needed to be brought to the shareholders’ attention. However, the departure of Ms. Mok puts the company, whose trading has been suspended since January 11, in violation of HKSE rules. Summit Ascent stated that it is committed to replacing Ms. Mok at its earliest convenience.
Earlier, Summit Ascent had already declared non-compliance with Hong Kong Stock Exchange listing rules when five out of its six directors resigned as of January 15. The directors cited their disapproval of a deal involving a majority-owned subsidiary selling Tigre de Cristal’s gaming license holder, G1 Entertainment LLC, for $116 million. The company attributed the decision to “uncertainties arising from the ongoing Russia-Ukraine conflict.”
Presently, Andrew Lo Kai Bong, a regional casino investor, is the sole director and chairman of Summit Ascent. Mr. Lo also serves as chairman and director of LET Group Holdings Ltd, Summit Ascent’s Hong Kong-listed parent company. LET Group confirmed on January 15 that, apart from Mr. Lo, all its board members had resigned due to their disapproval of the Tigre de Cristal licensee’s sale.
Consequently, LET Group found itself in violation of Hong Kong Stock Exchange rules. LET Group indirectly controls Suntrust Resort Holdings Inc, a developer associated with a casino hotel project in Manila, Philippines.
