• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Summit Ascent key investor eyes US$55mln stake sale

Apr 09, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck, World  


Summit Ascent key investor eyes US$55mln stake sale

The largest-single shareholder in Hong Kong-listed Summit Ascent Holdings Ltd, the promoter of Russian casino resort Tigre de Cristal, is mulling disposing of its stake to an undisclosed suitor.

The key investor, conglomerate First Steamship Co Ltd, confirmed in a Monday filing to the Taiwan Stock Exchange that – as reported by Summit Ascent earlier this month – First Steamship had been approached “by a third party” regarding the matter. First Steamship said the suitor “could be” an “existing shareholder or strategic investor”.

In the Monday filing, the Taiwan group said were it to achieve its asking price of HKD1.50 (US$0.191) per share it would realise at least HKD429 million (US$54.7 million) from the deal, representing a gain of approximately HKD123 million  – excluding taxes and other relevant handling expenses – on its original investment.

First Steamship confirmed in its Monday regulatory announcement it owned 286,048,000 shares – or approximately 19.22 percent – of Summit Ascent.

The Taiwanese firm told its local bourse “no final decision” has been made regarding the possible disposal, but said its board had nominated chairman Jerry Kuo Jen Hao to lead the negotiations.

Mr Kuo is also the chairman and a non-executive director of Summit Ascent and has been since December 2017, when First Steamship initially acquired a 12.67 percent holding in the casino promoter. The investment was via First Steamship’s subsidiary Heritage Riches Ltd. First Steamship upped its stake in Summit Ascent in October 2018, taking its interest to the current circa-286 million shares.

First Steamship was announced as an investor in Summit Ascent on the same day the latter reported that Asian casino entrepreneur Lawrence Ho Yau Lung planned to sell 20 million shares in Summit Ascent, thereby ending his role as a direct shareholder in the firm.

Lee Shih Ming, a spokesman for First Steamship as well as its chief financial officer, confirmed to Taiwanese media in a Monday briefing his company’s desired price for disposing of its stake in Summit Ascent.

Mr Lee indicated his firm might not have an appetite for long-term investment in Summit Ascent. He said that despite positive mid- to long-term prospects for the Tigre de Cristal property, Summit Ascent might not be distributing a dividend soon as it was planning to invest heavily in the second-phase construction of the resort.

The Taiwan-listed firm currently operates shipping as well as department stores in several second-tier and third-tier mainland Chinese cities under the brand “Grand Ocean”.

Summit Ascent reported last month a profit of HKD7.6 million for full calendar year 2018, compared to a profit of approximately HKD13.8 million a year earlier. In its March results Summit Ascent said it would be revising soon the designs and financing for the second phase of Tigre de Cristal, and aimed to have it open in the summer of 2021.


  • tweet
Related articles
  • Suncity listco execs join Tigre casino promoter board
    Suncity listco execs join Tigre casino...

    Apr 26, 2019  

  • Suncity listco takes lead stake in Russia casino backer
    Suncity listco takes lead stake in...

    Apr 24, 2019  

More news
  • GLI boss Maida hosting web interviews with casino experts
    GLI boss Maida hosting web interviews...

    Mar 09, 2021  

  • NagaCorp posts US$102mln profit in 2020 despite pandemic
    NagaCorp posts US$102mln profit in...

    Mar 09, 2021  


Latest News

GLI boss Maida hosting web interviews with casino experts

GLI boss Maida hosting web interviews with casino experts

Mar 09, 2021  

Gaming technology testing service and consultancy, Gaming Laboratories International LLC, known as GLI, is to launch on Thursday (March 11) a series of online interviews featuring its president and...
Read More
NagaCorp posts US$102mln profit in 2020 despite pandemic

NagaCorp posts US$102mln profit in 2020 despite pandemic

Mar 09, 2021  

Bloomberry posts positive 4Q EBITDA, rev up 31pct q-o-q

Bloomberry posts positive 4Q EBITDA, rev up 31pct q-o-q

Mar 09, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“Our recovery is well under way. We look forward to a more meaningful improvement in 2021 should we see further easing of domestic quarantine restrictions and the eventual resumption of travel and tourism across our key markets"

Enrique Razon

Chairman and chief executive of Bloomberry Resorts



Most Popular

  • Lim Kok Thay, GEN Singapore execs in US$1.3mln stock awardLim Kok Thay, GEN Singapore execs in US$1.3mln stock award March 2, 2021
  • Las Vegas Sands to sell off Nevada assets for US$6.25blnLas Vegas Sands to sell off Nevada assets for US$6.25bln March 3, 2021
  • Pansy Ho again cuts stake in MGM Resorts, for US$57mlnPansy Ho again cuts stake in MGM Resorts, for US$57mln March 4, 2021
  • LVS plans to keep U.S. base, stock listing: spokesmanLVS plans to keep U.S. base, stock listing: spokesman March 4, 2021
  • Fitch says LVS Nevada sale a negative, Moody’s keenerFitch says LVS Nevada sale a negative, Moody’s keener March 5, 2021
Copyright 2014-2021 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us