Summit completes Russia stake increase, details extra funding

    Summit Ascent said in a stock exchange filing that it has completed the acquisition of an additional stake in a company building a casino resort near Vladivostok, taking its holding to 60 percent of Oriental Regent.
    The company announced in April that it was upping its participation in the company, buying stock from Russian businessman Oleg Drozdov, who is under investigation by Russian authorities for alleged business malpractices in a separate industry.
    Other holders in Oriental Regent include New Crescent with 5 percent, Taiwan-based Firich with 20 percent and Drozdov’s Elegant City with 15 percent.
    Oriental Regent also said it will need an additional $137.7 million to fund the project with Summit Ascent paying $82.6 million, which it said will come from internal resources.
    “The additional funding was requested to be provided from the Oriental Regent shareholders according to their respective pro rata proportions based on their respective equity interests in Oriental Regent immediately upon completion,” the filing said.