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 Paranaque City.

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

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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

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