SUNTRUST TO ISSUE P5.6 BILLION CONVERTIBLE BONDS
Listed Suntrust Home Developers Inc. and Summit Ascent Investments Limited (“Summit Ascent”) entered into a Subscription Agreement, where Summit Ascent agreed to subscribe, and the Corporation agreed to issue, PHP5,600,000,000 6% coupon Convertible Bonds upon completion of certain conditions precedent.
In a disclosure to the PSE, the company said that the foregoing transaction will support the development of the Main Hotel Casino, a 5-star hotel and casino project to be constructed at Manila Bayshore Integrated City in Paranaque City.
Summit Ascent is 51%-owned by Fortune Noble, a wholly-owned subsidiary of Suncity Group Holdings Limited (“Suncity Group”). Suncity Group is a listed company on the Hong Kong Stock Exchange (“HK Exchange”).
Summit Ascent is a wholly-owned subsidiary of Summit Ascent Holdings Limited (“SA Holdings”), a listed company on the HK Stock Exchange. Suncity Group holds approximately 24.74% direct and indirect interest in SA Holdings.