LET & Summit Ascent halt trading amid Tigre de Cristal sale

LET Group and Summit Ascent suspended trading after a regulatory directive, amidst board resignations.

Hong Kong.- LET Group and Summit Ascent suspended trading yesterday (February 14). The Hong Kong’s stock market regulator the Securities and Futures Commission (SFC) directed the Stock Exchange of Hong Kong Limited to halt share dealings in compliance with Securities and Futures Rules while it conducts an investigation.

Last month, a majority of its board members resigned in protest against the company’s decision to sell wholly-owned G1 Entertainment, which possesses a gaming licence for Tigre de Cristal, to Russian entity Dalnevostochniy Aktiv for US$116m. Summit Ascent has since announced the resignation of its company secretary, effective from February 17.

The SFC said the sale and purchase agreement was completed without the approval of shareholders and that LET and Summit Ascent may not have enough assets to support their operations and may not be suitable for listing under the rules of the Hong Kong Stock Exchange.

LET Group Holdings serves as the parent company of Summit Ascent. It also holds indirect control over Suntrust Resort Holdings. The company is developing a casino hotel project in Manila’s Westside City, The Philippines.