Hong Kong-listed Summit Ascent Holdings Ltd announced on Wednesday that it is to be officially included as a constituent stock of the MSCI Hong Kong Micro Cap Index, effective after the close of trading in Hong Kong on May 27.
Summit Ascent promotes the Tigre de Cristal casino resort (pictured) in Vladivostok, Russia. Hong Kong-listed Suncity Group Holdings Ltd – chaired by Macau veteran junket investor Alvin Chau Cheok Wa – is the controlling shareholder of Summit Ascent, with approximately 69.66 percent.
Summit Ascent has also subscribed last year to convertible bonds in Suntrust Home Developers Inc, the latter a Philippine entity investing in a casino hotel in Manila, which is 51-percent owned by Suncity Group Holdings.
In Wednesday’s statement, Summit Ascent said its inclusion in the MSCI Hong Kong Micro Cap Index “demonstrated that the group has fulfilled a rigid matrix of evaluation,” including its market capitalisation size and liquidity levels.
The announcement quoted Summit Ascent’s deputy chairman and executive director, Andrew Lo, as saying that the move enhanced Summit Ascent’s reputation among institutional investors. He stated that the inclusion in the index could give investors “additional peace of mind,” as it showed that the company was “growing in the right direction”.
He added: “Summit Ascent is undoubtedly a growth company that is worth the wait, as it will be equipped with Suncity’s most valuable resources to fire up its developments.”
In early March, Summit Ascent reported full-2020 profit of HKD10.0 million (US$1.29 million), down 87.8 percent year-on-year. The firm is currently expanding the Tigre de Cristal property, targeting to launch the “first stage” of such expansion “in 2023”.
The company announced in late March the appointment of David Chua Ming Huat as executive director and chief executive. His appointment was effective from May 1, 2021.
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