Suntrust more than doubling capital stock to fund casino

Sep 02, 2021 Newsdesk Latest News, Philippines, Top of the deck  

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Suntrust Home Developers Inc, a firm involved in the creation of the Westside City scheme (pictured in an artist’s rendering) including a casino hotel, in the Philippine capital Manila, will more than double its capital stock, to 50 billion shares.

“The proposed amendments will allow the corporation to increase its capital to fund the construction of the main hotel casino” at the Westside City complex, said Suntrust in a Wednesday announcement to the Philippine Stock Exchange.

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

It will involve expansion to 50 billion shares, each with a par value of PHP1.00 (US$0.02). The current authorised capital stock of the firm is PHP23 billion.

At the close of business on Wednesday, the firm’s publicly-traded shares were valued at PHP1.62 apiece, according to Reuters data.

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

Suntrust is controlled by Hong Kong-listed Suncity Group Holdings Ltd, which is led by Macau junket entrepreneur Alvin Chau Cheok Wa.

On Tuesday, Suncity Group Holdings reported a CNY209.0-million (US$32.3-million) first-half profit attributable to shareholders, supported by money raised from disposal of a mainland China property company.

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