• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Saturday 28 May 2022
  • 中文中文
  • 日本語日本語
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Suncity Group becomes majority shareholder in Summit Ascent after HK$718 million acquisition

Ben Blaschke by Ben Blaschke
Wed 24 Apr 2019 at 11:58
Summit Ascent Deputy Chairman John Wang steps down
39
SHARES
785
VIEWS
Print Friendly, PDF & Email

Suncity Group has become the majority shareholder in Russian IR operator Summit Ascent Holdings after acquiring a further 24.66% stake in the company on Tuesday.

The purchase, which includes 286,048,464 shares – equivalent to 19.21% of Summit Ascent’s issued share capital – formerly held by Taiwan’s First Steamship Company Limited and another 83,958,000 shares (6.44%) held by First Steamship Chairman Kuo Jen Hao, lifts Suncity’s interest to 27.94% with its listed arm having previously acquired a 3.29% stake late last year.

News of the HK$718 million (US$91.5 million) transaction comes three weeks after First Steamship revealed it was considering an offer to sell its entire stake in the company. One of its subsidiaries, First Steamship S.A., still holds another 12.67% stake in Summit Ascent via its own wholly-owned subsidiary Heritage Riches Ltd.

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 April 2019 edition of Inside Asian Gaming.

In a filing with the Hong Kong Stock Exchange, Suncity Group said the acquisition was funded by financing from its Chairman Alvin Chau, who earlier this month approved an unsecured loan facility of up to HK$1.5 billion via his wholly-owned company Star Hope Ltd.

RelatedPosts

Indictments issued in case against Alvin Chau and other suspects linked to former Macau junket Suncity

Indictments issued in case against Alvin Chau and other suspects linked to former Macau junket Suncity

Thu 26 May 2022 at 17:58
Hong Kong Airlines resuming flights to Seoul, Hanoi as travel restrictions relax around the world

Hong Kong Airlines resuming flights to Seoul, Hanoi as travel restrictions relax around the world

Wed 25 May 2022 at 05:59
Summit Ascent undergoes boardroom makeover as Suncity asserts control

Andrew Lo acquires former Chairman Alvin Chau’s stake in Suncity Group

Thu 19 May 2022 at 18:33
China to strictly clamp down on outbound and cross-border gambling, banning citizens from outbound gambling to the greatest extent possible

China to strictly clamp down on outbound and cross-border gambling, banning citizens from outbound gambling to the greatest extent possible

Fri 13 May 2022 at 14:47
Load More
Tags: Alvin ChauFirst SteamshipHong KongRussiaSummit AscentSuncity GroupTigre de Cristal
Share20Share2
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Oz Casinos: What now?

Editorial: Does the foreigner-only casino model work?

by Ben Blaschke
Thu 28 Apr 2022 at 15:28

The COVID-19 pandemic, along with the international border closures it forced, is one of a number of recent headwinds to...

Oz Casinos: What now?

Oz Casinos: What now?

by Ben Blaschke
Thu 28 Apr 2022 at 15:14

With three inquiries into Crown Resorts completed, a review into Star Entertainment Group underway and a litany of damning findings...

Off Track: AUSTRAC’s AML Failures

Off Track: AUSTRAC’s AML Failures

by Ben Blaschke
Thu 28 Apr 2022 at 13:16

Australia’s anti-money laundering watchdog has launched civil proceedings against Crown Resorts in what appears to be a reaction to its...

Locals Game

Locals Game

by Ben Blaschke
Thu 28 Apr 2022 at 13:05

IAG recently spoke with Shaun McCamley, former President at integrated resort The Grand Ho Tram Strip on Vietnam’s south-east coast,...

Related Posts

Macau shop owners describe best business in months as Golden Week visitor numbers surge

Macau GDP down 8.9% in the first quarter of this year, gaming down 25.1%

by Pierce Chan
Fri 27 May 2022 at 20:02

According to the Macau Statistics and Census Service (DSEC), Macau’s gross domestic product (GDP) fell by 8.9 percent in real terms in the first quarter of 2022, with “exports of gaming services” falling by 25.1 percent. This is the second...

Satellite casinos can rent out properties, rents not regulated by Gaming Law

Satellite casinos can rent out properties, rents not regulated by Gaming Law

by Andrew W Scott and Pierce Chan
Fri 27 May 2022 at 19:51

Today (Friday 27 May) the Second Standing Committee of the Legislative Assembly of Macau continued its discussions on the new Macau Gaming Law. On the issue of satellite casinos, Committee Chairman Andrew Chan Chak Mo revealed that landlord owners of...

SJM buys Oceanus from parent STDM, plans to return gaming area to Macau government after December 31

SJM buys Oceanus from parent STDM, plans to return gaming area to Macau government after December 31

by Andrew W Scott and Pierce Chan
Fri 27 May 2022 at 14:59

SJM Holdings has announced that it will acquire Oceanus from its parent company STDM and promised to return the Oceanus gaming area to the Macau government after the existing Macau casino gaming concessions expire on 31 December 2022. However, this...

Field of Dreams

Citizen’s group collects required signatures to call referendum on Osaka IR

by Shintaro Kamimura
Fri 27 May 2022 at 06:41

A private citizens group announced on Thursday 26 May that it had collected more than the number of signatures required to call for a referendum challenging Osaka’s IR bid.  Citizens groups opposing casinos spent two months from 25 March to...


HKUST

Simple Play

IAG

© 2005-2022
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • Contributors
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 日本語

No Result
View All Result
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Consulting
  • Magazines
  • Advertise
  • Contact
  • About
  • 日本語

© 2005-2022
Inside Asian Gaming.
All rights reserved.