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Russia – War to blame for Summit Ascent exiting Tigre de Cristal

By - 22 January 2024

Summit Ascent has confirmed it is exiting its shareholding in the Tigre de Cristal integrated resort in Vladivostok, in the Russian Far East, due to the war between Russia and Ukraine.

It said it was leaving Russia due to ‘uncertainties arising from the ongoing Russia-Ukraine conflict and related sanctions imposed on the Russian Federation, which are adversely affecting the operations and prospect of G1 Entertainment.’

Since the announcement a series of Directors have left their roles at Summit and its majority owner LET Group Holdings, handing in their resignations in protest to the decision.

In total five directors have left, including executive director and CEO David Chua, ‘due to their disapproval to a transaction which forms the subject matter of inside information announcement of the company referred to in the trading halt announcement of the Company dated 10 January 2024, pending to be published by the company.’

Aside from Chua, the other departing directors are Chiu King Yan, Lam Kwan Sing, Lau Yau Cheung and Li Chak Hun.

Taiwanese company Firich Investment had revealed plans for Oriental Regent to offload all of its shareholding in G1 Entertainment, the operating arm of Tigre de Cristal, to Russia-based Dalnevostochniy Aktiv for US$116m.

Summit Ascent also confirmed it had engaged Tricor Services Limited to provide certain corporate secretarial services and Ms. Mok Ming Wai has been nominated by Tricor to assume the role of the company secretary of the company. Ms. Mok has confirmed that she has no disagreement with the Board and there is no matter in relation to her resignation that needs to be brought to the attention of the shareholders of the company. The Board would like to express its gratitude to Ms. Mok for her valuable efforts and contributions to the company during her tenure of office.

After Ms. Mok’s resignation, the Company shall have no company secretary and will not be
able to meet the requirements under Rule 3.28 of the Rules Governing the Listing of Securities
on The Stock Exchange of Hong Kong. As such, the Board said it would make its best endeavours to identify an appropriate person for appointment as company secretary as soon as practicable pursuant to Rule 3.28 of the Listing Rules

The move to exit Russia, comes as the Primorsky Krai Development Corporation (KPNK) confirms it attracted 600,000 tourists to its Primorye Entertainment Zone in 2023, marking a 30 per cent year-on-year increase. It currently hosts two casinos – Tigre de Cristal, opened in 2015, and Shambala, opened in 2020 with a third project by Asia-Invest Group under construction.

Whilst 86 per cent of all visitors were Russian tourists, visa-free group tourist trips from Uzbekistan and Kyrgyzstan are beginning to grow.

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