Summit Ascent to sell 52 million shares to fund Russia expansion

    Summit Ascent, led by billionaire Lawrence Ho, is selling 52 million shares, or 7 percent of the company, to finance plans to raise its stake in a Russian casino venture. The shares will be sold for HK$11.30 each and are expected to raise HK$566 million, ($73 million).  That price is a discount to the company’s last traded price of HK$12.86.