Lawrence Ho reduces stake in Summit Ascent

Casino magnate Lawrence Ho will unload US$21.3 million shares in Summit Ascent, the company that runs the Tigre de Cristal casino resort.

Russia.- In a regulatory filing, chinese casino magnate Lawrence Ho has informed he’s unloading US$21.3 million shares in the company that operates the Tigre de Cristal casino resort in Far Eastern Russia, Summit Ascent. Said amount represents 8.31 percent of his stake in the company, and the move will reduce it from 27.06 percent to 18.75.

The billionaire didn’t explain why he decided to unload shares and neither did his company, CalvinAyre reports, due to the move being about his personal investment. His wife, Sharen Lo Sau Yan, also reduced her stake in Summit ascent to 18.75 percent as she sold US$19.36 million worth of shares.

Furthermore, Quick Glitter, a company also owned by Mr Ho, disposed 133.1 million Summit Ascent shares (8.31 percent) as well. Its stake went down from 24.37 percent to 16.06.

Summit Ascent executive director Eric Landheer said in an interview with GGRAsia that “none of the executive directors or senior management of the company were made aware of our chairman’s intent to sell Summit Ascent shares into the market at any time prior to the public disclosure, nor did they sell any shares in Summit Ascent prior to this disclosure.”