GGRAsia – Summit Ascent nods 69mln share options, most to directors

Summit Ascent nods 69mln share options, most to directors

Dec 14, 2018 Newsdesk Latest News, Rest of Asia, Top of the deck

A Hong Kong investor in a Russian casino resort, Summit Ascent Holdings Ltd, has announced it has given six directors, some employees and consultants 69.06 million options to subscribe to shares in the company at an exercise price of HKD0.98 (about US$0.13) per HKD0.025 share.

Summit Ascent told the Hong Kong Stock Exchange on Thursday that the options, granted that day, were valid for five years. The company said the granting of the options was in accordance with the share option scheme it adopted in 2011 to reward contributions to the operations and development of the Summit Ascent group.

Summit Ascent has put money into the Tigre de Cristal casino resort (pictured), which is near the Russian Far Eastern city of Vladivostok, within easy reach of gamblers in neighbouring Northeast Asian countries.

The company announcement says 36.1 million of the options were given to directors; Summit Ascent chairman and non-executive director Kuo Jen Hao and deputy chairman and executive director John Wang receiving 12 million each; executive director Eric Landheer receiving 7.9 million; and Gerard McMahon, Lau Yau Cheung and Li Chak Hung, all independent non-executive directors, receiving 1.4 million each.

On Wednesday, Summit Ascent said Andrew Lo Kai Bong had been named a non-executive director of the company. Mr Lo is also an executive director of Hong Kong-listed Suncity Group Holdings Ltd, which is controlled by the Suncity brand’s founder Alvin Chau Cheok Wa, and which has interests in a number of casino projects outside Macau, including in Vietnam and in Cambodia.