As a result, Suncity Group Holdings became the largest single shareholder in Summit Ascent Holdings Ltd, the promoter of the venue.
Payments per share - HK$1.94 ($0.247) was almost 30% more targeted by potential vendors than HK$1.50 in a filing by Summit Ascent earlier this month.
In a filing with the Hong Kong Stock Exchange regarding the acquisition, SunCity Group Holdings said, "The Company aims to increase investment in tourism-related real estate projects outside of China... The company believes Russia is an advantageous place to invest."
SunCity Group Holdings added: "Suntravel Inc., a wholly owned subsidiary of the company, has customers (mostly Chinese customers) through its operations and those customers may want to visit destinations with gaming facilities."
The group influenced the deal by acquiring shares for sale from two parties who held a 24.68% stake in Hong Kong-listed Summit Ascent. The latter company was controlled by Asian casino entrepreneur Lawrence Hoya-Lung until 2017.
The transaction, which closed on Tuesday, includes a batch payment of a total of HK$717.8 million ($91.5 million) to Jerry Kuo Jianhao and First Stimship Limited, the suitors said. The acquisition was financed from up to HK$1.5 billion in loans Mr Chow provided to the company, according to Suncity Group Holdings.
First Steamship is a large company listed on the Taiwan Stock Exchange.
Suncity Group Holdings said it held about 3.29% of Summit Ascent's outstanding share capital prior to completion. After completion, interest rose to about 27.97%.
The purchase was made through Victor Sky Holdings, a 100% subsidiary of Sun City Group Holdings.
"Almost 1.8 million Chinese citizens traveled to Russia in 2017," Suncity Group Holdings added.
The Russian Federation borders China. Tigre de Krystal is near Vladivostok, a Pacific port in the Russian Far East.
Mr. Kuo has been chairman and non-executive director of Summit Ascent since December 2017, the month Mr. Ho sold his stake in Summit Ascent.
Suncity Group Holdings and Summit Ascent did not clarify in their respective filings on Tuesday whether Mr. Kuo would remain on Summit Ascent's board.
Summit Ascent last month reported a profit of HK$7.6 million for the full calendar year of 2018, about HK$13.8 million from a year earlier. In a March announcement, Summit Ascent said it would soon revise its design and financing for the second phase of Tigred Crystal and aimed to open in summer 2021.
BY: 카지노사이트
