Summit Ascension Major Shareholder Sells Chairman Mull's Stake

Hong Kong-listed Summit Ascent Holdings Inc said on Tuesday that its main shareholders First Steamship Inc. and Summit Ascent Chairman Guo Jianhao were considering selling their stake in the company.

Summit Ascension is a leading developer of the Tigred Crystal Casino Resort (pictured) in Russia's Far East.

The company said in a filing with the Hong Kong Stock Exchange that potential sellers were "approached by a third party" to acquire the full share of Summit Ascent.

"Potential sellers are considering an offer to buy shares, but no decision has been reached," Summit Ascent said. "We will inform the board of directors once we have a final decision in this regard," it added.

Mr. Guo has been chairman and non-executive director of Summit Ascension since First Steamship, a Taiwanese-listed shipping company, acquired a 12.67% stake in the casino company in December 2017. The acquisition was carried out through Heritage Rich Inc., a subsidiary of First Steamship.

First Steamship also owns a 19.21% stake in Summit Ascent, following its October 2018 acquisition of approximately 286 million shares in Summit Ascent. 홀짜게임

Mr. Kuo is also the chairman and general manager of First Steamship. The entrepreneur holds a 6.44% stake in Summit Ascent, which he acquired in January this year.

First Team became a shareholder of Summit Ascension on the same day, and the Hong Kong-listed company ended its role as a direct shareholder of Summit Ascension by announcing that Asian casino investor Lawrence Hoya-Lung planned to sell 20 million shares of Summit Ascension.

Summit Ascension last month reported a profit of HK$7.6 million ($968,191) for the full calendar year of 2018, about HK$13.8 million year-over-year.