Summit Ascent Holdings Ltd, which has been a long-standing investor in Russian casino resort Tigre de Cristal (pictured), is now to be without a company secretary as well as the required number of directors in terms of Hong Kong Stock Exchange rules, it said in a Thursday filing.
The company stated that Mok Wing Wai, hired via Tricor Services Ltd to provide certain corporate secretarial services, had tendered her resignation with effect from February 17.
The update added “she has no disagreement with the board and there is no matter in relation to her resignation that needs to be brought to the attention of the shareholders”.
It noted that as a result of her departure, the company – whose stock has been in suspension from trading since January 11 – would be in breach of bourse rules, but that it would try to replace Ms Mok “as soon” as was “practicable”.
Summit Ascent had already declared itself non-compliant with Hong Kong Stock Exchange listing rules after all but one of the company’s six directors resigned with effect from January 15.
The reason given was their “disapproval” of a deal that – in a subsequent filing on Wednesday – Summit Ascent confirmed involved a majority-owned subsidiary selling, for US$116 million, G1 Entertainment LLC, the gaming licence holder of Tigre de Cristal. Summit Ascent cited “uncertainties arising from the ongoing Russia-Ukraine conflict”
Currently, only regional casino investor Andrew Lo Kai Bong is a director, as well as chairman, of Summit Ascent.
Mr Lo is also chairman and a director of Summit Ascent’s Hong Kong-listed parent LET Group Holdings Ltd.
LET Group confirmed in its own filing on January 15 that all its board members other than Mr Lo had resigned due to disapproval of the sale of the Tigre de Cristal licensee, and that therefore LET Group was also in breach of Hong Kong bourse rules.
LET Group is the indirect controller of Philippine Stock Exchange-listed Suntrust Resort Holdings Inc, the developer of a casino hotel scheme at Westside City in the Philippine capital Manila.
