• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Saturday 23 August 2025
  • zh-hant 中文
  • ja 日本語
  • en English
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
    • UAE
    • Vietnam
  • Events
  • 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
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Summit Ascent undergoes boardroom makeover as Suncity asserts control

Newsdesk by Newsdesk
Sun 28 Apr 2019 at 16:16
Summit Ascent undergoes boardroom makeover as Suncity asserts control

Andrew Lo

61
SHARES
1.2k
VIEWS
Print Friendly, PDF & Email

Suncity Group has wasted no time in asserting control of Summit Ascent Holdings following the acquisition of a majority stake in the Russian IR operator last week, with Andrew Lo and Chiu King Yan named as new Executive Directors.

Lo, Executive Director and Chief Investment Officer of Suncity, has also been named Deputy Chairman of the board, with former Summit Ascent Chairman Kuo Jen Hao stepping down from his role. Kuo is also Chairman of Taiwan’s First Steamship Company Ltd – the former majority shareholder in Summit Ascent that sold its entire stake to Suncity last week.

Chiu is currently Chief Financial Officer of Suncity and the brother-in-law of Lo. According to a filing with the Hong Kong Stock Exchange by Summit Ascent on Friday, both Lo – who previously served as a Non-executive director – and Chiu have entered into letters of appointment for a term of three years with each entitled to a director’s fee of HK$1.2 million per year.

Having purchased an initial 3.29% stake in Summit Ascent late last year, Suncity Group has now lifted its stake to 27.94% with last week’s HK$718 million (US$91.5 million) acquisition comprising 286,048,464 shares – equivalent to 19.21% of Summit Ascent’s issued share capital – previously held by First Steamship Company Limited and another 83,958,000 shares (6.44%) held by Kuo.

Summit Ascent owns Russian integrated resort Tigre de Cristal in the Primorye gaming zone near Vladivostok.

 

 

RelatedPosts

Hong Kong Chief Executive claims to have discussed “travel bubble” with Macau

Hong Kong Stock Exchange to cancel the listings of casino investors LET Group and Summit Ascent

Tue 19 Aug 2025 at 04:54
Hong Kong Chief Executive claims to have discussed “travel bubble” with Macau

LET Group issues profit warning on narrowed US$5.5 million loss in 1H25

Tue 12 Aug 2025 at 05:50
SunTrust becomes listed tourism business as Suncity releases first renderings of Manila hotel and casino project

Development cost of Suntrust’s Manila hotel and casino climbs to US$1.25 billion as Summit Ascent subscribes to more bonds

Thu 17 Apr 2025 at 05:37
Suncity Group claims majority 69.66% stake in Summit Ascent Holdings

Summit Ascent expecting to record US$5 million profit for FY24 on improved Russia casino performance

Tue 1 Apr 2025 at 06:23
Load More
Tags: Andrew LoRussiashareholderSummit Ascent HoldingsSuncity GroupTigre de Cristal
Share32Share3
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – Better late than never

Editorial – Better late than never

by Ben Blaschke
Thu 31 Jul 2025 at 07:13

Inside Asian Gaming has in recent weeks been hearing increasing chatter around a possible move by Vietnamese authorities to introduce...

Angel’s Yasushi Shigeta

Angel’s Yasushi Shigeta

by Ben Blaschke
Thu 31 Jul 2025 at 07:08

Yasushi Shigeta, Chairman and owner of one of the world’s largest gaming industry suppliers, Angel Group, sits down with Inside...

The Magic Number

The Magic Number

by David Bonnet
Thu 31 Jul 2025 at 06:41

In this in-depth deep dive into the evolution of the Asian gaming landscape, David Bonnet argues that many regional jurisdictions...

Rashid Suliman – A road well traveled

Rashid Suliman – A road well traveled

by Ben Blaschke
Thu 31 Jul 2025 at 02:45

Rashid Suliman, Vice President of Global Gaming Asia-Pacific for casino solutions provider TransAct Technologies, provides some insight into his unique...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

Wynn Macau

Wynn Macau Ltd to redeem in full US$1 billion of outstanding notes due 2026 in September

by Ben Blaschke
Fri 22 Aug 2025 at 11:00

Wynn Macau Ltd confirmed Friday that it will redeem in full senior notes due 2026 and valued at US$1 billion on 2 September 2025. The redemption includes the company’s US$750 million 5.500% senior notes due 2026 issued in June 2020...

Indian court denies request to block all online gambling sites during cricket World Cup

Indian parliament bans all real-money online gambling

by Newsdesk
Fri 22 Aug 2025 at 06:21

The Indian parliament has passed a bill that will ban all real-money online gaming, including skill games such as fantasy sports and poker. Reuters reports that India’s upper house passed the controversial Promotion and Regulation of Online Gaming Bill 2025...

Sri Lankan cabinet approves creation of Gambling Regulatory Authority

Sri Lankan parliament passes Gambling Regulatory Authority Bill

by Ben Blaschke
Fri 22 Aug 2025 at 06:03

Sri Lanka’s Gambling Regulatory Authority Bill has been passed by the nation’s parliament with amendments, local media has reported. The Bill, which was gazetted in May under the directives of President Anura Kumara Dissanayake in his capacity as the Minister...

Winford Resort & Casino Manila becomes first Philippines IR to commit to 30% plant-based menu by 2026

Winford Resort & Casino Manila becomes first Philippines IR to commit to 30% plant-based menu by 2026

by Newsdesk
Fri 22 Aug 2025 at 05:40

Winford Resort & Casino Manila has become the first gaming complex in the Philippines to publicly commit to a comprehensive plant-forward initiative, pledging to make 30% of all menu offerings plant-based across its food service operations by early next year....

Your browser does not support the video tag.


IAG

© 2005-2025
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

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English
  • 日本語