Tigre de Cristal stake to be sold

One of the investors of the Russian casino Tigre de Cristal announced the selling of his stake.

Russia.- Tigre de Cristal casino’s investor Lawrence Ho Yau Lung announced this week that he is planning on selling his stake on the gaming company that operates casino businesses in Russia. The Asian businessman revealed that he soon will sell its millionaire stakes in  the local company, Summit Ascent Holdings Ltd.

“The board has been informed by Mr Ho – the chairman, non-executive director and a substantial shareholder of the company – that on December 15, 2017, Mr Ho and a company wholly owned by him, Quick Glitter, entered into a placing agreement with the placing agent, pursuant to which Mr Ho and Quick Glitter agreed to sell the placing shares… at a price of HKD1.05 [US$0.13] per placing share,” Summit Ascent stated in the filing.

Lawrence Ho Yau Lung expects to sell his 20 million shares in Hong Kong-listed Summit Ascent, which represent a stake of approximately 1.34 percent. With the financial transferring, the businessmen also dismissed his role as a direct shareholder in the company. “Immediately following completion of the placing, Mr Ho and Quick Glitter will cease to hold any shares in the company,” the filing added.

Furthermore, Tigre de Cristal operators announced that they could suspend operations in Russia if a new law that requires operators to collect taxes from its clients comes into force, as the interim vice-governor of Primorye Tatyana Kazantseva has allegedly revealed.