SunCity lifts ban on foreign ownership of subsidiary
The firm is cementing the path for its Philippines unit to build and operate a hotel and casino complex in Manila.
Philippines.- After changing the business purpose of its Philippines subsidiary, Suntrust Home Developers, Suncity Group has now announced to the Philippine Stock Exchange that it has amended its internal regulations to allow unlimited foreign ownership of the unit.
Suncity Group currently holds 51 per cent of Suntrust and has expressed interest in raising its stake to 74.42 per cent. The company has committed to the subscription of convertible bonds for PHP7.3 billion (almost US$145 million).
Suntrust’s goal is to operate a hotel and casino in Manila with 400 gaming tables and 1,200 slot machines across both VIP and mass gaming, plus 400 five-star hotel rooms and 960 parking spaces.
The project, set to cost US$700 million and cover an area of around 44,000 square meters, is scheduled to open in the fourth quarter of 2022.
To undertake the project, Suncity recently gained authorisation to change the main focus of its business from property development to tourism-related activities, and it entered an agreement with Westside City Resorts World through a US$46 million refundable deposit to be destined to the Manila IR development.
