• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Suncity listco shareholders nod upped stake in Summit

Sep 03, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck  


Suncity listco shareholders nod upped stake in Summit

Hong Kong-listed Suncity Group Holdings Ltd announced on Wednesday that its shareholders overwhelmingly approved the deal for the company to acquire some underwritten shares of Summit Ascent Holdings Ltd, the lead promoter of the Tigre de Cristal casino complex in the Russian Far East.

Suncity Group Holdings, controlled by Macau junket boss Alvin Chau Cheok Wa, already has a leading stake in Summit Ascent. Mr Chau is the boss of privately-held Macau junket investor Suncity Group.

Suncity Group Holdings said in June that it had agreed to pay – via one of its units – about HKD1.24 billion (US$160.0 million) for underwritten shares of Summit Ascent. Under the deal, subsidiary Victor Sky Holdings Ltd is to underwrite not less than 2,036,204,058 rights shares and not more than 2,066,975,058 right shares in Summit Ascent. The subscription price for the underwritten shares is HKD0.60 apiece.

Suncity Group Holdings currently holds in aggregate an approximately 24.74-percent interest in Summit Ascent. If Victor Sky takes up all the underwritten shares, Suncity Group Holdings will control a 69.78-percent interest in Summit Ascent, and the latter company will become an indirect subsidiary of Suncity Group Holdings.

The funding required for payment of the aggregate subscription price for the underwritten shares, will come via a facility provided by Star Hope Ltd, a company also controlled by Mr Chau, according to previous filings from Suncity Group Holdings.

In June, Summit Ascent said that about half of the proceeds from the share exercise would be used to subscribe to convertible bonds in a Philippine entity, Suntrust Home Developers Inc. Suncity Group Holdings is the majority shareholder in Suntrust.

Suntrust is a Philippines-listed firm involved in the development of a casino project in the Philippine capital Manila.

Hong Kong-listed Summit Ascent, chaired by Mr Chau, reported in August a first-half loss of HKD47 million, compared to HKD42.8-million in profit in the first half of 2019. The firm blamed travel restrictions linked to the Covid-19 pandemic, which had seen the casino resort shut from March 28 until its reopening on July 16.


  • tweet
Related articles
  • Suntrust gets OK for unit handling hotel, tourism biz
    Suntrust gets OK for unit handling...

    Jan 20, 2021  

  • Suncity Macau VIP roll 20pct of pre-Covid level: GS
    Suncity Macau VIP roll 20pct of...

    Jan 12, 2021  

More news
  • Casino op Silver Heritage gets new board of directors
    Casino op Silver Heritage gets new...

    Jan 25, 2021  

  • Digital yuan eventually for Macau mass bets mulls Bernstein
    Digital yuan eventually for Macau mass...

    Jan 22, 2021  


Latest News

Casino op Silver Heritage gets new board of directors

Casino op Silver Heritage gets new board of directors

Jan 25, 2021  

The administrators of Australia-listed casino operator Silver Heritage Group Ltd said in a Friday filing that they had “returned” control of the company to a new slate of directors, following the...
Read More
Digital yuan eventually for Macau mass bets mulls Bernstein

Digital yuan eventually for Macau mass bets mulls Bernstein

Jan 22, 2021  

Macau Covid-19 case no bar to mainland travel ties

Macau Covid-19 case no bar to mainland travel ties

Jan 22, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

"The entire company is eagerly anticipating the launch of our newest themed destination – The Londoner Macao"

Wilfred Wong Ying Wai

President of Macau-based casino operator Sands China



Most Popular

  • Sands China sixth Macau op to pledge staff extra paymentSands China sixth Macau op to pledge staff extra payment January 21, 2021
  • Londoner Macao first phase launch Feb 8 says Sands ChinaLondoner Macao first phase launch Feb 8 says Sands China January 21, 2021
  • Macau Covid-19 case no bar to mainland travel tiesMacau Covid-19 case no bar to mainland travel ties January 22, 2021
  • Digital yuan eventually for Macau mass bets mulls BernsteinDigital yuan eventually for Macau mass bets mulls Bernstein January 22, 2021
  • Melco likely to take on more debt for expansion: Moody’sMelco likely to take on more debt for expansion: Moody’s January 20, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us