Suncity acquires 70% stake in Summit Ascent

Suncity Group Holdings has increased its stake in Summit Ascent Holdings after the operator acquired unsubscribed shares issued by Summit Ascent. The move cost $160m and increased Suncity’s shares in the other company from 25% to 70%. Summit Ascent reported the acquisition raised close to HKD1.62bn ($208.8m) in total.  Summit Ascent, which is a majority owner of Tigre de Cristal casino in Russia, will be considered a subsidiary and...