Trading of HK-listed LET Group, Summit Ascent halted on February 14

The trading of Summit Ascent and LET Group, both listed in Hong Kong, has been suspended since 9 a.m. on February 14.

According to the Securities and Futures Rules, the Securities and Futures Commission directed the Stock Exchange of Hong Kong Limited, and that is why the suspension is in place.

The decision by Summit Ascent Holdings to exit the Russian casino industry, which included selling its interests in Tigre de Cristal, an integrated resort located in the Primorye economic zone, resulted in the resignation of the majority of the board of directors last month.

For $116 million, Summit Ascent plans to sell all of its holdings in G1 Entertainment LLC, Tigre de Cristal’s operating company, to the Russian company Dalnevostochny Aktiv.

The corporate secretary’s resignation became effective on February 17th, after it was announced on January 19th.

The parent company of Summit Ascent, LET Group (previously Suncity Group), indirectly controls Suntrust Resort Holdings, a PAE listed company that is developing a casino-hotel complex in Westside City, Manila, the capital of the Philippines.

Original story by: Asia Gaming Brief