Casino mogul Lawrence Ho is divesting the remainder of his stake in casino operator Summit Ascent Holdings Ltd. as he looks for other opportunities elsewhere.

In a disclosure to the HongKong Stock Exchange, casino operator Summit Ascent announced that Ho is selling 20 million share in the company that runs the Tigre de Cristal casino resort in Russia’s Far East.

Quick Glitter Ltd., a company wholly owned by Ho, also unloaded 238.6 million shares, representing 16.03 percent of Summit Ascent’s issued share capital.

Both Ho and Quick Glitter entered into a placing agreement with Hong Kong-based brokerage Sun Hung Kai Investment Services Ltd, who will procure the shares at a price of HK$1.05 (US$0.13) per placing share.