Andrew Lo takes controlling stake in Suncity, Summit Ascent

May 19, 2022 Newsdesk Latest News, Rest of Asia, Top of the deck  

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Andrew Lo Kai Bong (pictured), a senior executive at Hong Kong-listed casino investor Suncity Group Holdings Ltd, acquired controlling shares in the firm with effect from May 13, according to transaction records filed to the Hong Kong bourse.

The pricing was not disclosed in the records. The exercise followed the full disposal of controlling shares co-held by Suncity Group Holdings’ former chairman Alvin Chau Cheok Wa and his business partner Cheng Ting Kong, via an entity called Fame Select Ltd. Prior to that, Mr Chau and Mr Cheng had controlled 74.85 percent of Suncity Group Holdings, via Fame Select.

Mr Lo also acquired Suncity Group Holdings’ convertible bonds held via an entity called Major Success Group Ltd, the disclosure records show.

Mr Lo’s acquisition of the controlling shares in Suncity Group Holdings has, in turn, resulted in him acquiring a controlling interest in the firm’s associated Hong Kong-listed company Summit Ascent Holdings Ltd. Prior to Mr Lo’s takeover, Fame Select owned 69.66 percent in Summit Ascent.

Suncity Group Holdings runs and develops, via connected firms, casino resorts in Asia Pacific. Summit Ascent controls the Tigre de Cristal casino resort, located in Primorye in Russia.

Mr Lo is an executive director at Suncity Group Holdings. He is also the deputy chairman and executive director at Summit Ascent.

Suncity Group Holdings and Summit Ascent had respectively halted trading in Hong Kong on May 13. Both companies said at the time it was pending the release of an announcement on inside information under the Hong Kong bourse’s takeovers and mergers codes.

Mr Chau had resigned as the chairman and an executive director of Suncity Group Holdings with effect from December 1. That followed his pre-trial detention in Macau under suspicion of membership of a criminal group, of organising illegal gambling for Chinese customers, and of money laundering.

Separately, on November 26, the authorities in the mainland China city of Wenzhou had approved an arrest warrant for him, on suspicion of promotion of “cross-border gambling” to Chinese consumers.

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