Suncity unit completes purchase of 51% stake in Suntrust

MANILA, Philippines — Hong Kong listed Suncity Group Holdings Ltd. has completed its purchase of a majority or 51 percent stake in Philippines firm Suntrust Home Developers Inc.

Documents filed with the Philippine Stock Exchange (PSE) showed that Suncity’s wholly owned subsidiary Fortune Noble Ltd acquired 2.55 billion shares in Philippine-listed entity called Suntrust Home Developers Inc. (Suntrust).

However, the Securities and Exchange Commission (SEC) is looking at whether or not a tender offer should have been conducted for the minority shareholders of Suntrust.

The SEC said it is checking claims that there was no need for a tender offer because the Suncity Group supposedly acquired control in Suntrust through the open market.

The number of shares acquired by the Suncity Group represents 51 percent of issued shared capital for P2.55 billion, documents filed with the PSE showed.

Suncity Group plans to participate in the operations of the integrated casino project of tycoon Andrew Tan’s Westside City Resorts World, previously known as Bayshore City Resorts World.

In a filing in Hong Kong last October, Suncity Group, controlled by Alvin Chau Wa, said there would be a co-development agreement between Suntrust Home Developers Inc. and another firm called Westside City Resorts World Inc.

Travellers International Hotel Group Inc. is the joint venture between Alliance Global Group Inc. and Hong Kong-listed Genting Hong Kong Ltd. which also runs the Resorts World Manila casino resort.

Under the agreement, Westside City and Travellers will lease the project site to Suntrust for development of the main hotel casino.

The area covers three parcels of land located at Manila Bayshore Integrated City in Paranaque City in Manila.

The Suncity Group is known to have extensive experience in the leisure and entertainment business, and is actively seeking investment opportunities in integrated resort projects worldwide.

These include Cambodia, Philippines, Myanmar, South Korea, Japan, Russia and Vietnam. Other than investment in integrated resorts, the Suncity Group is also engaged in integrated resort consultancy services as well as travel related products and services.