Oriental Regent Ltd, a vertical of the Hong Kong-listed Summit Ascent Holdings Ltd, is to sell its gaming and hotel operations in Russia. As reported, Oriental sells its wholly-owned subsidiary G1 Entertainment LLC to a Russian entity Dalnevostochniy Aktiv LLC for a price consideration of $116 million.
Taking Over Tigre de Cristal Casino Operations:
As GGRAsia reports, the acquisition of 100 % of shares of G1 Entertainment would enable the Russian company to control the Tigre de Cristal casino resort located near Vladivostok. At the same time, the sale of the Oriental’s property in Russia would significantly leverage the balance sheet of its parent Summit Ascent Holdings. The same source reports that the sales price of $116 million is to be paid in Chinese yuan.
Licensed Operator to Be Sold to Russian Entity:
Oriental Regent is a company 77.5% owned by the Summit Ascent Holdings. The Hong-Kong listed entity used its majority share to control the Tigre de Cristal casino facility run by Oriental Regent through the operator G1 Entertainment, under the gaming license granted to G1Entertainment by the Russian government, as GGRAsia reports.
Therefore the G1 sales deal may facilitate a smooth transition for Dalnevostochniy Aktiv LLC to immediately continue operations of the resort. On the other hand, Oriental Regent’s parent Summit Ascent would be able to use the respective proceeds of the expected $116 million sale to boost its balance sheet figures. According to the source, these figures declined in 2023.
The parent reportedly stated: “Since the loss consists of US$14,606,000 due to foreign-operation exchange differences reclassification’’,[shareholder equity would face] a negative impact of US$3,784,000.”
Stakeholder Interest:
Also, the $116 million price consideration would bring benefits to shareholders like the Taiwan-based Firich Enterprises Co Ltd. This company holds a 20 percent share in Oriental Regent and reportedly looks forward to collect $28 million in cash from the sale. If the deal is closed, Firich would “reduce its exposure in Russia to zero,” according to GGRAsia.
With a 77.5 percent share in Oriental Regent Ltd, Summit Ascent Holdings Ltd may significantly capitalize on the considered $116 million sale. As Firich expects $28 million from its 20 percent share invested in the deal, Summit Ascent may collect around $85 million and compensate for the negative impact of the loss sustained in 2023.
Deal Pending Closure:
As soon as the news broke on 11 January 2024, Summit Ascent’s shares were reportedly taken off the trading list in Hong Kong. The shares of LET Group Ltd, the parent of Summit Ascent, were simultaneously held up, “pending the release of an inside information announcement,” as the company reportedly stated.
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