{"id":777001756,"date":"2023-01-25T13:57:27","date_gmt":"2023-01-25T16:57:27","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777001756"},"modified":"2026-04-23T01:14:50","modified_gmt":"2026-04-23T04:14:50","slug":"foreign-ownership-in-suntrust-resort-may-increase-to-65-95","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/foreign-ownership-in-suntrust-resort-may-increase-to-65-95","title":{"rendered":"Foreign ownership in Suntrust Resort may increase to 65.95%"},"content":{"rendered":"\n

If convertible bonds issued to Summit Ascent are converted to shares, foreign ownership will increase from 51.34 per cent.<\/p>\n\n\n\n\n\n\n\n

The Philippines.- Foreign ownership of casino operator Suntrust Resort Holdings<\/strong> will increase from 51.34 per cent to 65.95 per cent if convertible bonds issued to Summit Ascent Holdings are converted into shares.<\/p>\n\n\n\n

A week ago, Summit Ascent<\/a> issued a company filing noting that Suntrust Resort Holdings <\/strong>had failed to pay interest on convertible bonds issued in 2020. The bonds had a total value of HK$794m (US$101.66m)<\/strong>, with a 6 per cent coupon rate for an initial term of 5 years extendable for a further 5 years and convertible into shares of Suntrust Resort Holdings.<\/p>\n\n\n\n

Suntrust is currently in discussions with Summit Ascent regarding the amount due. The conversion period can be extended by up to 10 years from the issue date of the bonds.<\/p>\n\n\n\n

Assuming the shares are converted, the free float would change from 14.33 per cent to approximately 10.03 per cent. It is said that the conversion shares will be issued initially at PHP1.80 per share upon conversion, subject to adjustment provisions.<\/p>\n\n\n\n

Suntrust, which is 51 per cent owned by LET Group<\/a>, is the developer of the Westside integrated casino resort in Paranaque City. The project will incorporate 400 hotel rooms, a casino with approximately 400 gaming tables and 1,200 slot machines<\/strong> for both mass and VIP markets. <\/p>\n\n\n\n

The company originally hoped for a 2023 opening, but in November that was pushed back to 2024<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

If convertible bonds issued to Summit Ascent are converted to shares, foreign ownership will increase from 51.34 per cent.<\/p>\n","protected":false},"author":176,"featured_media":32939,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Suntrust Resort Holdings faces a potential increase in foreign ownership to 65.95% from 51.34% if convertible bonds held by Summit Ascent Holdings are converted into shares, following Suntrust's failure to pay interest. This conversion would also significantly reduce the company's free float. The development comes as Suntrust, 51% owned by LET Group, continues work on its Westside integrated casino resort in Paranaque City, with its opening now delayed to 2024.","focusai_entities":"Suntrust Resort Holdings, Summit Ascent Holdings, LET Group","focusai_location":"Philippines, Paranaque City","focusai_target_profile":"ceo_executive (0.9), regulator (0.8), compliance_legal (0.8), operator_casino (0.8), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact on Westside Project?","query":"How might the potential increase in foreign ownership and reduced free float, coupled with Suntrust's interest payment default, impact the financing and operational timeline for the Westside integrated casino resort?"},{"label":"Regulatory Implications?","query":"What are the specific regulatory implications for Suntrust Resort Holdings regarding foreign ownership limits and B2C licensing conditions in the Philippines, should Summit Ascent Holdings convert its convertible bonds into equity?"}],"footnotes":""},"categories":[157,16333],"tags":[23701,24042],"class_list":["post-777001756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-summit-ascent","tag-suntrust-resort"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777001756","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777001756"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777001756\/revisions"}],"predecessor-version":[{"id":777001775,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777001756\/revisions\/777001775"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/32939"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777001756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777001756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777001756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}