• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Tuesday 3 June 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

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
Summit Ascent Deputy Chairman John Wang steps down

Summit Ascent follows parent company’s lead by repopulating Board of Directors

Thu 13 Mar 2025 at 04:40
Analysts puzzled as combined market cap of Macau concessionaires falls back to 2022 COVID levels

LET Group appoints four new directors including two returning for a third time

Tue 11 Mar 2025 at 03:14
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 – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
Mindslot
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Jeju Dream Tower casino sales down 7.4% in March

Korea’s Jeju Dream Tower continues growth spurt as May gaming revenues hit US$30 million

by Newsdesk
Mon 2 Jun 2025 at 18:56

Lotte Tour’s Korean integrated resort, Jeju Dream Tower, appears to be on a roll with casino revenues surging yet again in May to KRW41.4 billion (US$30.1 million) – up 52.5% year-on-year and 25.8% higher than in April. Casino revenues have...

More reasons to visit Clark

Hann Resorts said to have filed prospectus for US$212 million IPO

by Ben Blaschke
Mon 2 Jun 2025 at 18:42

Clark’s Hann Resorts is said to have filed a prospectus with the Philippine Stock Exchange for an initial public offering as it looks to raise up to Php11.8 billion (US$212 million). According to a report by Bloomberg, group entity Hann...

Survey on Australia-China relations finds most Australians keen to encourage more Chinese tourism

Regulating the Game launches Call for Speakers for 2026 event in Sydney

by Newsdesk
Mon 2 Jun 2025 at 13:24

Leading gambling law and regulation conference Regulating the Game has launched its Call for Speakers for its sixth edition, taking place from Monday 9 to Wednesday 11 March 2026 at the Sofitel Sydney Wentworth. Regulating the Game 2026 will welcome...

IAG launches public call for candidates for 2025 IAG Academy Awards at Manila’s Newport World Resorts on 9 September

IAG launches public call for candidates for 2025 IAG Academy Awards at Manila’s Newport World Resorts on 9 September

by Newsdesk
Mon 2 Jun 2025 at 13:18

Inside Asian Gaming is pleased to launch a public call for candidates for the 2025 IAG Academy IR Awards, part of the IAG EXPO taking place at Manila’s Newport World Resorts from 8 to 10 September 2025. This year’s IAG Academy...



IAG

© 2005-2024
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

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English
  • 日本語