The Deputy Chairman of Summit Ascent Holdings Ltd, John Wang, has resigned from the board, the company announced on Thursday.
Wang, who first joined Summit Ascent in March 2011 and took on the Deputy Chairman’s role in 2013, has cited “other business engagements” for his departure, which is effective immediately. He has immediately ceased to act as an authorized representative of the company with that duty taken up instead by Suncity Group executive director Andrew Lo.
Lo joined the Summit Ascent board in December 2018 after Suncity Group purchased a 3.29% stake in the company.
The departure of Wang, who previously served as Chief Financial Officer for Melco International Development Ltd and as a non-executive director of Melco Crown Entertainment Ltd, also follows Melco Resorts Chairman and CEO Lawrence Ho’s speedy exit in January 2018 following the sale of his entire 17.37% stake.
Summit Ascent, which owns Russian integrated resort Tigre de Cristal in the Primorye gaming zone near Vladivostok, announced earlier this month that its largest single shareholder, Taiwan’s First Steamship, was also considering an offer to sell its 19.21% stake.
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