Tigre de Cristal casino sale cancelled
The Russian buyer has pulled out of the deal to buy the casino.
Russia.- Summit Ascent Holdings has confirmed that the sale of G1 Entertainment, which holds the gaming licence of the Tigre de Cristal casino, is off. It says the potential buyer, Dalnevostochniy Aktiv, has pulled out of the deal.
Originally disclosed on January 10, the proposed sale would have involved the disposal of 100 per cent of the shares in G1 Entertainment, a wholly-owned subsidiary of Oriental Regent, to Dalnevostochniy Aktiv for US$116m. In response to the termination notice, Summit Ascent Holdings and its parent, LET Group, have indicated their intention to seek legal counsel to assess the implications and explore potential avenues for the casino, which opened near Vladivostok in 2015.
The planned sale of Tigre de Cristal’s operations caused disagreement within the company. All but one of Summit Ascent’s six directors resigned after the announcement of the sale. On February 14, the Securities and Futures Commission (SFC) directed the Stock Exchange of Hong Kong Limited to halt share dealings while it conducted an investigation.
See also: Mok Ming Wai steps down as Summit Ascent’s company secretary
The SFC said the sale and purchase agreement had been completed without the approval of shareholders and that LET and Summit Ascent did not have enough assets to support their operations and may not be suitable for listing under the rules of the Hong Kong Stock Exchange.
