Resort group Suncity at over 8-yr high on stake hike in Summit Ascent

Summit Ascent Holdings

24/04/2019 03:54

** Shares of Suncity Group Holdings  1383.HK  surge as much
as 9.2 pct to HK$2.61, the highest since November 2010, after
the property and resort management firm raises stake in hotel
and gaming business operator Summit Ascent Holdings  0102.HK    
    ** Suncity bought 24.68 pct of Summit Ascent for HK$717.81
mln ($91.54 mln), raising its stake in the firm to 27.97 pct
from 3.29 pct as the developer aims to build a tourism-related
platform with resorts investments in Asia region  urn:newsml:reuters.com:*:nFWN2250F1
    ** Suncity bought 370 million Summit Ascent shares at
HK$1.94 apiece, or 31.08 pct premium to previous close
    ** Shares of Summit Ascent rise as much as 25 pct to
HK$1.85, the highest since August 2017 
    ** Summit Ascent, which operates hotel and gaming business
in the Integrated Entertainment Zone of the Primorye Region in
the Russian Federation, tops the biggest percentage gainer in
early trade
    ** As of previous close, Summit Ascent shares had risen 49.5
pct so far this year, while Suncity stocks were up 94.3 pct
    ** Suncity has outperformed the Hang Seng Property Index
sector  .HSNP  by 26.6 percentage points in the past one month
    ** The Hong Kong benchmark index  .HSI  is up 0.03 pct


($1 = 7.8414 Hong Kong dollars)

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)