Suntrust Home Developers Inc, a Philippine entity investing in a casino hotel scheme in Manila that is part of the Westside City Project (pictured in an artist’s rendering), said in a Friday filing that it is to borrow up to PHP7.3 billion (US$147.8 million) from a firm wholly owned by Suncity Group Holdings Ltd.
Hong Kong-listed Suncity Group Holdings is controlled by Macau casino junket boss Alvin Chau Cheok Wa, the head of Macau VIP brand Suncity.
Suntrust’s loan, bearing 5.25-percent interest annually, is with Fortune Noble Ltd, a wholly-owned subsidiary of Suncity Group Holdings, said Suntrust in its filing to the Philippine Stock Exchange.
Suntrust itself is 51 percent owned by Fortune Noble. Suncity Group Holdings Ltd is to increase to 74.42 percent – via Fortune Noble - its equity interest in Suntrust. The Hong Kong entity is doing so via a subscription of PHP7.3-billion worth of convertible bonds to be issued by the Philippine entity.
Mr Chau said in Suncity Group Holdings’ 2019 annual report filed on June 11 this year, that he would “soon” oversee a ground-breaking ceremony for the Manila casino scheme.
Suncity Group Holdings also has an investment in the Hoiana casino resort in Vietnam, and an interest – via Hong Kong-listed Summit Ascent Holdings Ltd – in the Tigre de Cristal casino resort in the Russian Far East.
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Vitaly Umansky, Kelsey Zhu and Tianjiao Yu
Analysts at brokerage Sanford C. Bernstein