Suntrust Home Developers Inc. has announced it is changing its company name to Suntrust Resort Holdings Inc.
The Philippines.- Suntrust Home Developers Inc. has announced that its board has approved a change in the company name to Suntrust Resort Holdings Inc.
The company recently announced plans to expand its capital stock to 50bn shares with a par value of PHP1.00 (US$0.02).
Suntrust said that would allow it to increase capital to fund the construction of a 5-star hotel and casino project at Manila Bayshore Integrated City in Paranaque City.
The project, due to open in 2023, 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.
In March, Suntrust agreed to sell its 24.27 per cent stake in the real estate management company First Oceanic Property Management for Php153.7m (US$3.2m) in order to focus on its Manila project.