Summit Ascent Holdings Ltd has completed its HK$297 million fundraising exercise after successfully placing 300 million newly issued shares.
In a Monday announcement, the company confirmed it had placed all available shares at HK$1.01 per share, raising HK$297 million in the process which will be used to “further develop the hotel and gaming business” at its Russian integrated resort, Tigre de Cristal, located in the Primorye Economic Zone.
The transaction also sees majority shareholder Suncity Group’s stake reduced from 29.68% to 24.74%, of which 22.01% is held by its wholly-owned subsidiary Victor Sky Holdings Limited.
Suncity acquired its majority stake in Summit Ascent from Taiwan’s First Steamship Company Limited in April.
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