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    102   BMG8565U1302

SUMMIT ASCENT HOLDINGS LIMITED

(102)
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Delayed Hong Kong Stock Exchange  -  03:08:12 2023-02-08 am EST
0.1970 HKD   -2.96%
01/30Summit Ascent To Extend HK$500 Million Revolving Loan to Controlling Shareholder; Shares Fall 7%
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2022LET Group Secures $51 Million Loan
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2022Summit Ascent Holdings Announces Re-Designation of Chairman
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Summit Ascent Holdings Announces Re-Designation of Chairman

08/31/2022 | 07:56am EST

The board of directors of Summit Ascent Holdings Limited announced that, Mr. Lo Kai Bong (Mr. Lo), an Executive Director of the Company and Deputy Chairman of the Board, has been re-designated from Deputy Chairman to Chairman of the Board (the "Chairman") with effect from 31 August 2022 (the "Re-designation"). Mr. Lo, aged 43, had been a Non-executive Director of the Company since 12 December 2018 until he was re-designated as an Executive Director of the Company and appointed as the Deputy Chairman of the Board on 26 April 2019. He is a director of certain subsidiaries of the Company.

He has obtained a Bachelor of Arts degree from the University of Winnipeg in Canada. Mr. Lo joined LET Group Holdings Limited (formerly known as Suncity Group Holdings Limited, Stock Code: 1383) ("LET"), a company listed on The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), as an executive director on 9 March 2017 and has been appointed as the chairman of LET with effect from 31 August 2022. Mr. Lo is also a substantial shareholder of the Company and LET and the Company is an indirect non-wholly owned subsidiary of LET.

Mr. Lo has been involved in the business development of LET's overseas businesses. Mr. Lo is also responsible for the corporate management, mergers and acquisitions of LET and is experienced in the gaming industry. With effect from 4 May 2021, Mr. Lo was appointed as a director of Suntrust Resort Holdings Inc. On 26 October 2021, Mr. Lo was appointed as the chairman of Suntrust.

Mr. Lo is the brother-in-law of Mr. Chiu King Yan, an Executive Director of the Company.


ę S&P Capital IQ 2022
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Financials
Sales 2021 266 M 33,9 M 33,9 M
Net income 2021 -230 M -29,3 M -29,3 M
Net cash 2021 436 M 55,6 M 55,6 M
P/E ratio 2021 -2,90x
Yield 2021 -
Capitalization 888 M 113 M 113 M
EV / Sales 2020 9,37x
EV / Sales 2021 0,87x
Nbr of Employees 1 024
Free-Float 30,2%
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Managers and Directors
Ming Huat Chua Chief Executive Officer & Executive Director
Ho Chi Yip Finance Director
Kai Bong Lo Chairman
Yau Cheung Lau Independent Non-Executive Director
Chak Hung Li Independent Non Executive Director
Sector and Competitors