A Russia company called Dalnevostochniy Aktiv is reportedly close to purchasing a controlling share in Tigre de Cristal, the leading casino in Russia’s Far East near Vladivostok in the Primorye Integrated Entertainment Zone.
The deal, which will cost $116m, was revealed on the Taiwan Stock Exchange by Firich Investment who owns 20 per cent of the shares of Oriental Regent, the operating company behind the casino. To break the deal down further, Oriental Regent, who is owned 77.5 per cent by Summit Ascent, will enter into a transaction to sell all of its shares to Dalnevostochniy Aktiv. LET Group, formerly known as Suncity Group, owns 69.66 per cent of Summit Ascent.
LET Group and Summit Ascent Group announced a Trading Halt on the Taiwan Stock Exchange pending an inside information announcement.
Summit said: “At the request of Summit Ascent Holdings Limited, trading in the shares of the company on The Stock Exchange of Hong Kong Limited will be halted with effect from 9:00 a.m. on Thursday, 11 January 2024 pending the release of an inside information announcement of the company.
Firich said: “If the transaction is completed, Oriental will return the company’s investment of $28m, and the company’s future exposure to the Russian market will be reduced to zero.”
Firich stated that the transaction would result in a ‘negative impact’ of approximately $18.4m on the 2023 balance sheet.