Suntrust Home Developers has announced it has doubled its capital stock to 50bn shares to increase its capital to develop a casino resort in Manila.
The Philippines.- Suntrust Home Developers, a Suncity Group subsidiary in the Philippines, has announced it has decided to expand its capital stock to 50bn shares with a par value of PHP1.00 (US$0.02).
Suntrust said the proposed amendments will allow the corporation to increase its capital to fund the construction of a 5-star hotel and casino project at Manila Bayshore Integrated City in Paranaque City.
According to the latest filing from Suncity Group, the project will incorporate 400 hotel rooms, a casino with approximately 400 gaming tables and 1,200 slot machines for both mass and VIP markets. It will also include a parking facility with 960 spaces.
The planned equity changes will be submitted for approval at the company’s annual meeting on October 26.
Suntrust’s annual meeting will also be required to approve an exemption from the rights issue requirement under the Philippine Stock Exchange’s listing rules, which involves the issuance of 5bn shares under the previous capital increase approved on December 20, 2019.
Suntrust is controlled by Hong Kong-listed Suncity Group Holdings Ltd, which has recently posted revenue of HK$129.5m (US$16.6m) for the first half of 2021. According to Reuters, at the close on Wednesday, the company’s publicly traded shares were valued at PHP1.62 per share.
Metro Manila extends quarantine measures until September 7
Authorities have announced that Manila will remain under the modified enhanced community quarantine (MECQ) until September 7.
The Capital city moved from the enhanced community quarantine (ECQ) to MECQ last week with the countermeasures to remain until the end of the month. However, the government decided to extend them for at least a week.
The Philippines recorded 18,528 new cases of Covid-19 on Sunday. However, the government is analysing so-called “granular” lockdowns, specifically targeting the outbreak area rather than putting the entire province under countermeasures.
Under the MECQ, casinos in the Entertainment City zone will remain closed. There have been no announcements on a possible reopening in the short term.