Summit Ascent directors, LET Group majority owner resign en masse after sale of Tigre de Cristal stake

The decision of Summit Ascent Holdings to sell its stake in the Russian-integrated resort Tigre de Cristal has resulted in a mass resignation of the company’s directors and primary owner, LET Group Holdings.

Three LET Group directors and five Summit Ascent directors, including CEO David Chua, have left. With just Executive Director and Chairman Andrew Lo Kai Bong remaining on the boards of both companies, a search for new members is now necessary.

Firich Investment Ltd filed on the Taiwan Stock Exchange, revealing that Oriental Regent Ltd plans to sell 100% of its shares in G1 Entertainment LLC, Tigre de Cristal’s operating entity, to a local Russian company, Dalnevostochniy Aktiv LLC, for a total of US$116 million. The specifics of the transaction have not been made public. Summit Ascent controls Tigre de Cristal via its 77.5% position in Oriental Regent, while LET Group owns 69.66% of Summit Ascent.

Until an insider knowledge leak is made public, the reason for the transaction is unclear. Due to the circumstances in Ukraine, Summit Ascent has already put a halt to the development of Tigre de Cristal Phase 2, citing a shifting economic environment and the need to generate shareholder value. The company considered looking for strategic local partners to handle Tigre de Cristal in March 2023 because to war-related difficulties.

Summit Ascent has shown its readiness to keep investing in the rapidly expanding gaming industry in the Philippines by making large investments in Suntrust Resort Holdings, a Philippine company building a $1.1 billion hotel and casino in Manila’s Entertainment City.

Original story by: IAG