Two executives at Hong Kong-listed Suncity Group Holdings Ltd have joined the board of Summit Ascent Holdings Ltd, the firm promoting the Tigre de Cristal casino resort (pictured) a venue in the Russian Far East. The news was given in a Friday filing after trading hours by Summit Ascent, which is also on the Hong Kong bourse.
Suncity Group Holdings is controlled by Macau casino junket investor Alvin Chau Cheok Wa, who also heads major Macau junket operator, Suncity Group, a privately-held firm.
Andrew Lo Kai Bong has been redesignated from a non-executive director role at Summit Ascent to be an executive director and deputy chairman of the latter firm, according to Summit Ascent’s Friday announcement.
Mr Lo, currently an executive director at Suncity Group Holdings, is also the chief investment officer of the privately-held Suncity Group. His new positions at Summit Ascent run for three years, from April 26 this year, to April 25, 2022, according to Summit Ascent’s Friday filing.
Anthony Chiu King Yan, currently the chief financial officer of Suncity Group Holdings, has also been appointed as an executive director at Summit Ascent, said the Friday announcement. Mr Chiu is a brother-in-law of Mr Lo.
Suncity Group Holdings had disclosed on Tuesday its increased interest in the stock of Summit Ascent. It had become the latter’s largest single shareholder, with an approximately 27.97-percent stake.
Mr Chiu is described in the Friday filing by Summit Ascent as having “over 19 years of experience in audit, accounting, private equity investment and corporate finance”. His role at Summit Ascent runs from April 26 this year, to April 25, 2022.
According to a Tuesday filing by Suncity Group Holdings, it upped its interest in Summit Ascent for a total consideration of HKD717.8 million (US$91.5 million) paid to Taiwanese businessman Jerry Kuo Jen Hao and his company, First Steamship Co Ltd. Mr Kuo had been the chairman and a non-executive director of Summit Ascent since December 2017, the month that Asian casino entrepreneur Lawrence Ho Yau Lung sold off his stake in Summit Ascent.
The Friday filing of Summit Ascent gave no update on who would chair the firm from now on. The announcement only noted that Mr Kuo had resigned as Summit Ascent’s chairman and non-executive director.
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”Our own consensus is that any newcomers to this [junket] sector should be corporatised, and should be financially sound and able to commit a higher guarantee deposit”
Kwok Chi Chung
President of junket trade body, the Macau Association of Gaming and Entertainment Promoters