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.<\/p>\n\n\n\n\n\n\n\n
The Philippines.-\u00a0Suntrust Home Developers<\/a>, a Suncity Group subsidiary in the Philippines, has announced it has decided to\u00a0expand its capital stock to 50bn shares<\/strong>\u00a0with a par value of PHP1.00 (US$0.02).<\/p>\n\n\n\n Suntrust said the proposed amendments will allow the corporation to increase its capital to fund the construction of a\u00a05-star hotel and casino project at Manila Bayshore Integrated City<\/strong>\u00a0in Paranaque City.<\/p>\n\n\n\n According to the latest filing from Suncity Group, the project will incorporate 400 hotel rooms,\u00a0a casino with approximately 400 gaming tables and 1,200 slot machines<\/strong> for both mass and VIP markets. It will also include a parking facility with 960 spaces.<\/p>\n\n\n\n The planned equity changes will be submitted for approval at the company’s annual meeting on October 26<\/strong>. <\/p>\n\n\n\n Suntrust’s annual meeting will also be required to\u00a0approve an exemption from the rights issue requirement under the Philippine Stock Exchange\u2019s listing rules<\/strong>, which involves the issuance of 5bn shares under the previous capital increase approved on December 20, 2019.\u00a0<\/p>\n\n\n\n Suntrust is controlled by Hong Kong-listed\u00a0Suncity Group Holdings Ltd<\/a>, which has recently posted\u00a0revenue of HK$129.5m (US$16.6m)<\/strong>\u00a0for the first half of 2021. According to Reuters, at the close on Wednesday, the company’s publicly traded shares were\u00a0valued at PHP1.62 per share<\/strong>.<\/p>\n\n\n\n Authorities have announced that Manila will remain under the modified enhanced community quarantine (MECQ)<\/strong> until September 7.<\/p>\n\n\n\n The Capital city moved from the enhanced community quarantine (ECQ) to MECQ last week with the countermeasures<\/a> to remain until the end of the month. However, the government decided to extend them for at least a week<\/strong>.<\/p>\n\n\n\nMetro Manila extends quarantine measures until September 7<\/h2>\n\n\n\n