Oriental Regent, Inc. will sell 100% owned G1 Entertainment shares to a Russian company in exchange for $116 million, which will be paid in Chinese yuan. Oriental Regent is a Hong Kong-listed Summit Ascension Holdings Inc. operates gaming and hotel operations at the Tigre de Crystal Casino Resort near Vladivostok, Russia.
G1 Entertainment holds the game license for Tigred Crystal (pictured) granted by the Russian government.
Information about the sale exercise of the G1 Entertainment company comes from Taiwanese company Pirich Enterprises Inc., which holds a 20% stake in Oriental Regent through its subsidiary Pirich Investments Inc.
The buyer for G1 Entertainment is Russian corporation Dalnevostochniy Aktiv LLC, according to a filing Wednesday by Pirich to the Taiwan Stock Exchange.
Summit Ascent owns a 77.5% stake in Oriental Regent, according to its latest interim report. Trading in Hong Kong shares of Summit Ascent was suspended Thursday morning.
Trading on the Hong Kong exchange for shares of Summit Ascension's parent company, LET Group, was also suspended on Thursday, "withholding the release of internal information."
In a filing, Pirich said the sale event's own revenue from its stake in Oriental Regent would be US$28 million in cash, at which point Pirich would "reduce" its exposure in Russia.
Perch said the deal would have a "negative impact" of just under $18.4 million on its 2023 balance sheet.
The parent company will have a "negative impact of US$3,784,000" on its shareholder stake as the loss is comprised of US$14,606,000 due to the reclassification of foreign exchange-operating differences.
Summit Ascension said in its August filing with the Hong Kong Exchange that it lost HK$16.1 million ($2.1 million) in the first half of the year to June 30, compared with HK$85.2 million a year earlier.
BY: 바카라사이트 순위