GGRAsia – Lawrence Ho raising US$25 mln via Summit Ascent share sale

Lawrence Ho raising US$25 mln via Summit Ascent share sale

Jun 03, 2015 Newsdesk Latest News, Rest of Asia, Top of the deck

A company wholly-owned by Asian casino investor Lawrence Ho Yau Lung is to realise up to HKD194.0 million (US$25 million) from the proposed sale of 40 million shares in Hong Kong-listed Summit Ascent Holdings Ltd. The latter firm is a majority investor in a casino project in the Primorye region of the Russian Far East that is due to open by August 28.

The share placing by Quick Glitter Ltd – an entity wholly-owned by Mr Ho (pictured) – is to an independent third party, according to a Hong Kong Stock Exchange filing after market close on Tuesday by Summit Ascent. The price per unit is HKD4.85. Summit Ascent’s share price closed at HKD5.24 on Tuesday.

Quick Glitter is described in the document as the “largest shareholder” of Summit Ascent.

The filing said that part of the proceeds from the sale would be used by Mr Ho to exercise 40 million share options in Summit Ascent.

“As at the date of this announcement, 20 million of the share options have already vested in Mr Ho and the remaining 20 million share options will be vested in Mr Ho in equal portions on 31 October 2015 and 31 October 2016 respectively,” added the filing.

Following both operations – the share sale and the exercise of all share options – Mr Ho’s total number of shares in the company will remain unchanged, the filing added.