Connect with us

Hi, what are you looking for?

Economy

Suntrust infuses more funds into project management unit

SUNTRUST Home Developers, Inc. has subscribed to 227.46 million new shares of its project management subsidiary as it moves to infuse more funds into the wholly owned unit.

In a regulatory filing on Monday, Suntrust said it subscribed to 227.46 million new shares in SWC Project Management Ltd. at a price of one Hong Kong-dollar per share for a total of HK$227.46 million.

The company said the subscription is in efforts to increase the investment in the account of its subsidiary.

According to Suntrust, SWC is in charge of project management and allied activities consultancy services in the construction of the company’s five-star hotel and casino in Manila Bayshore Integrated City in Parañaque City.

SWC is a Hong Kong-based company that has business interests in the provision of project management services.

Meanwhile, Suntrust announced in two separate disclosures the issuance of P5.6 billion worth of 6% convertible bonds to Summit Ascent Investments Ltd. and P7.3 billion worth of zero-interest coupon convertible bonds to Fortune Noble Ltd.

Both issuances will be applied to development of the hotel and casino project, the company said.

“The Main Hotel Casino shall have approximately 400 hotel rooms, the standard room size of which shall range from 34 square meters to 39 square meters,” the disclosure said.

“The casino establishment will have approximately 400 gaming tables and 1,200 slot machines for both mass and VIP markets,” it added.

According to the disclosure, Fortune Noble is a wholly owned subsidiary of Suncity Group Holdings Ltd., which is engaged in property development in China. Summit Ascent is engaged in the hotel and gaming business in the Russian Federation.

In November, Suntrust awarded a P6.29-billion contract to Megawide Construction Corp. for the construction of its hotel and casino project.

Suntrust, which was in real estate development, started its focus on tourism with the entry of Hong Kong’s Suncity Group Holdings Ltd. as a majority investor in 2019. The company is now 51% owned by Fortune Noble Ltd.

On Monday, shares in Suntrust at the stock exchange rose 1.8% or three centavos to end at P1.70 per piece. — Revin Mikhael D. Ochave

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Latest

Top News

Intensifying focus on worker safety across medical, chemical, automotive, and oil & gas sectors is a major reason for the burgeoning nitrile gloves industry,...

Economy

The government expects to finish 29 flagship infrastructure projects worth P238.48 billion before President Rodrigo R. Duterte’s term ends in 2022. It has added...

Economy

The Philippine central bank raised its balance of payment (BoP) projection for this year on expectations of an improved economic landscape here and overseas....

Economy

The Philippine central bank raised P100 billion from its auction of short-term securities on Friday even as rates rose on hints by the US...

Economy

The country’s outstanding foreign debt fell by 1.5% or $1.4 billion to $97 billion at the end of March from end-December, after the National...

Economy

The Department of Health (DoH) reported 6,833 coronavirus infections on Friday, bringing the total to 1.35 million. The death toll rose by 110 to...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!