Tigre de Cristal backer Summit Ascent to be included in MSCI HK Micro Cap Index
The backer of Russian casino resort Summit Ascent has been selected for inclusion as a constituent stock of the MSCI Hong Kong Micro Cap Index.
Hong Kong-listed Summit Ascent Holdings announced that it is to be officially included as a constituent stock of the MSCI Hong Kong Micro Cap Index, effective after the close of trading on May 27.
Summit Ascent is the promoter of Tigre de Cristal in Vladivostok, Russia. Hong Kong-listed Suncity Group Holdings is the controlling shareholder of Summit Ascent, owns about 69.66%.
Summit Ascent has also subscribed last year to convertible bonds in Suntrust Home Developers Inc, a Philippine entity investing in a casino hotel in Manila, which is 51% controlled by Suncity Group Holdings.
Summit Ascent said its inclusion in the MSCI Hong Kong Micro Cap Index “demonstrated that the group has fulfilled a rigid matrix of evaluation,” including its market capitalization size and liquidity levels.
The announcement quoted Summit Ascent’s executive director, Andrew Lo, as saying that the move enhanced the company reputation among investors. The inclusion in the index showed that the company was “growing in the right direction”.
Lo added: “Summit Ascent is undoubtedly a growth company that is worth the wait, as it will be equipped with Suncity’s most valuable resources to fire up its developments.”
Editing by Rachel Hu