Suntrust shift in business as shareholders agreed
The Company informed that will focus the business on tourism.
Philippines.- Suntrust Home Developers Inc informed that will make a shift in business and focus on tourism after the agreement of its shareholders.
In early November Suntrust delivered a statement where explained it would “build and operate the hotel and areas of the casino” on the “Westside City Resorts” project, on land near Manila Bay in the Philippine capital.
Now, the Company has the approval for the “proposed amendments to the corporation’s primary and secondary purposes”.
Suntrust’s primary purpose has been changed from real estate development to tourism-related businesses, including but not limited to “acquiring, developing, improving and operating tourism-oriented facilities such as hotels, resorts, private clubs, leisure parks, entertainment centres, restaurants, food and beverage outlets, and other recreational facilities.”
Suntrust is a 51-percent subsidiary of Hong Kong-listed Suncity Group Holdings Ltd. An October announcement by the latter firm to the Hong Kong Stock Exchange had mentioned a “co-development” agreement – between Suntrust and another firm called Westside City Resorts World Inc – for the Manila casino scheme.
Suncity Group Holdings is controlled by Alvin Chau Cheok Wa, the boss of privately-held Macau junket investor Suncity Group Ltd.
According to the October filing to the Hong Kong bourse, the Westside entity and its controlling shareholder Travellers International Hotel Group Inc are to lease the Westside City Resorts project site to Suntrust for “development of the main hotel casino”.
