GGRAsia – Suntrust more than doubled its share capital to finance the casino

Suntrust more than doubled its share capital to fund the casino

Suntrust Home Developers Inc, a company involved in the creation of the Westside City program (shown in an artist’s rendering) comprising a hotel-casino, in Manila, the capital of the Philippines, will more than double its registered capital to $ 50 billion. ‘actions.

“The proposed changes will allow the company to increase its capital to finance the construction of the main hotel-casino” at Westside City ComplexSuntrust said in an announcement Wednesday on the Philippine Stock Exchange.

The planned change in share capital will be presented for approval at the company’s annual meeting on October 26.

It will be an extension to 50 billion shares, each with a par value of PHP 1.00 (USD 0.02). The current authorized share capital of the company is PHP 23 billion.

At close of business on Wednesday, the company’s publicly traded shares were valued at PHP 1.62 each, according to Reuters data.

Suntrust’s annual meeting will also be asked to approve a waiver of a rights offering requirement under the Philippine Stock Exchange’s listing rules, relating to 5 billion shares issued as part of a previous capital increase. , as approved on December 20, 2019.

Suntrust is controlled by the Hong Kong listed company Suncity Group Holdings Ltd, run by the young entrepreneur from Macau Alvin Chau Cheok Wa.

Suncity Group Holdings announced on Tuesday CNY 209.0 million (US $ 32.3 million) first half profit attributable to shareholders, supported by money raised from the divestiture of a mainland Chinese real estate company.

Sallie R. Loera