The largest shareholder in Russian IR investor Summit Ascent Holdings, First Steamship Company Ltd, is considering an offer to sell its entire stake in the company.
In a filing to the Hong Kong Stock Exchange late Tuesday, Summit Ascent revealed that First Steamship has been approached by an unnamed third party to acquire its entire holding. It added that First Steamship is “considering the proposed offer to acquire their shares but have not come to a decision.”
Summit Ascent owns the first integrated resort to be developed in Russia’s Primorye gaming zone near Vladivostok, Tigre de Cristal, which is featured in the current April 2019 edition of Inside Asian Gaming.
According to its list of substantial shareholders, First Steamship is interested in 286,048,464 shares representing 19.21% of Summit Ascent’s issued share capital. A subsidiary called First Steamship S.A. holds another 12.67% via its own wholly-owned subsidiary Heritage Riches Ltd, while First Steamship Chairman Kuo Jen Hao – who also serves as Summit Ascent’s Chairman and non-executive director – has a personal 6.44% stake.
First Steamship is a Taiwanese conglomerate with interests in shipping, retail and property.
The market reacted strongly to the news with Summit Ascent shares closing 15.79% higher on Tuesday at HK$1.32.
Macau’s Suncity Group recently purchased a 3.29% stake in Summit Ascent, however Suncity has told Inside Asian Gaming it is currently playing a wait and see game when it comes to any further movement in Vladivostok.