Suntrust Resort: Eugenio B. Reducindo to remain on the board as independent director

The board cited Reducindo’s independence, objective judgment and deep knowledge of the company’s operations as reasons for his re-election.

The Philippines.- Suntrust Resort Holdings, a subsidiary of LET Group Holdings, has approved the reelection of independent director Eugenio B. Reducindo to the board. He was initially elected in 2015 and reelected in 2017 but had exceeded the company’s nine-year limit for independent directors.

The company said he was reelected due to his impartiality, fair judgment, comprehensive understanding of the company’s activities and extensive background in the food service sector. Reducindo is the managing director of Choice Gourmet Banquet, which oversees McDonald’s in the Philippines. Since 2007, he has been in charge 16 McDonald’s branches in Metro Manila, Cebu, and Iloilo. His previous roles include branch manager at Golden Arches Development, operations consultant for McDonald’s in Egypt, and assistant manager at Makati Shangri-La.

Suntrust posted a net loss of PHP555.51m (US$9.68m) for the second quarter of the year, down 31.55 per cent when compared to the first quarter of the year but up 238.4 per cent when compared to the same quarter of 2023.

Its only activity at present is the development of its Westside City project, which is expected to open in the first quarter of 2025. The US$1bn project is set to include 400 gaming tables and 1,200 slot machines, 450 five-star hotel rooms and 960 parking spaces.