Hong Kong-listed Summit Ascent Holdings Ltd has announced the appointment of two non-executive directors to its board, replacements for two resignations. Lau Yau Cheung and Li Chak Hung will fill the seats on the board vacated by the resignation of Alfred Pang Hing Chung and Anthony Tyen Kan Hee. The announcement was made on Thursday to the Hong Kong Stock Exchange.
Summit Ascent said Mr Pang and Dr Tyen resigned because they have other business engagements and that they have no disagreement with the rest of the board.
Summit Ascent is the lead developer of the Tigre de Cristal (pictured), the only casino resort so far in the Primorye Integrated Entertainment Zone (IEZ) in the Russian Far East.
The company said Mr Lau has served private and public companies in Hong Kong and abroad in various senior management positions, is an independent non-executive director and the chairman of Sandmartin International Holdings Ltd, and is the managing director of BH Capitalink Development Ltd.
Mr Li is a certified public accountant and is an independent non-executive director of DreamEast Group Ltd, Asiasec Properties Ltd and Sandmartin, Summit Ascent stated.
Primorsky Krai Development Corp director general Igor Trofimov told GGRAsia in an interview last month that the local government in the region will keep the tax burden on casino resorts there unchanged. The Primorye IEZ is a casino development area located 50 kilometres (31 miles) from Russia’s Pacific port city of Vladivostok.
A second stage of Tigre de Cristal is planned for 2020 or 2021. In the meantime, the operator will be adding a number of villas and serviced apartments to the property next summer.
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"As [Summit Ascent Holdings] is going to develop phase two of the Tiger de Cristal project, it is the right time for the company to increase its stake… such that the company can have more influence on the development of phase two"
Hong Kong-listed gaming investor Suncity Group Holdings