Summit Ascent Increases its Stake in Tigre de Cristal

Suncity Group Holdings Limited has announced that its majority-owned subsidiary Summit Ascent Holdings will increase its stake in Tigre de Cristal from 60% to 67.5%, after acquiring shares from two minority shareholders of Oriental Regent Limited (ORL), the sole owner of Tigre de Cristal; and, may further increase to approximately 89.29% if Summit Ascent is the only subscriber of the proposed new issue of ORL.

The planning and design of Tigre de Cristal Phase II is well under way, as such, each shareholder of ORL should pay for its respective share of capital expenditure to build Phase II. The share acquisitions, through convertible bonds (5-year zero-coupon at a conversion price of HK$3.50 per conversion share) and cash, by Summit Ascent, as well as the proposed new issue of ORL, can be interpreted as a strong support from the major shareholder Suncity.

“The potential to acquire further stakes in Tigre de Cristal is a strong injection in confidence that both Suncity and Summit Ascent are fully motivated to drive up business volumes in Tigre de Cristal. Besides, the outstanding recovery post-closure was as astounding as it seems during one of the worst business challenges in this pandemic – a solid proof that we could sustain in hard times with local businesses only. Going forward, both Suncity and Summit Ascent will continue to tap into the under-served Korean and Japanese markets in the future,” Mr. Chau Cheok Wa, Chairman of Suncity and Summit Ascent, said.