Suncity Group increases stake in Summit Ascent

The Hong Kong-based holding has invested around US$160 million in the owner of Russia’s Tigre de Cristal casino resort.

Hong Kong.- Suncity Group Holdings has confirmed a new HKD1.24 billion (US$160 million) investment in Summit Ascent Holding, owner of the Tigre de Cristal casino resort in Russia.

According to a statement from the group, it is looking to increase its stake to around 75%. It already has a majority stake in Summit through its subsidiary Victor Sky.

In a filling, Suncity said it would acquire from Victor Sky “not less than 2,036,204,058 SA Rights Shares and not more than 2,066,975,058 SA Rights Shares” at HK$0.60 per share.

Summit Ascent said part of the proceeds would be used to subscribe to convertible bonds in a Philippine entity, Suntrust Home Developers Inc. Suncity Group Holdings is the majority shareholder in Suntrust, and already has a leading stake in Summit Ascent.

Summit Ascent’s planned Phase 2 expansion at Tigre de Cristal integrated resort in Vladivostok set for completion in 2022 will double the venue’s VIP and mass gaming tables, slots, and lodging capacity.