The shareholders of Suntrust Home Developers, a subsidiary of Suncity Group, are in favor of shifting business operations to embrace tourism.
Thus, the company can move forward with plans to develop a resort hotel and casino and other projects in the vicinity of Manila Bay.
It seems very much in line with the real estate orientation of Suntrust in the Philippines, but it is in fact a different perspective.
The development is slated for Westside City Resorts. The company intends acquire, improve and operate tourism-oriented facilities such as hotels, resorts, private clubs, leisure parks, entertainment centers, restaurants, food and beverage outlets, and other recreational facilities.
The Westside City Resorts project is being realized through a partnership between Suntrust and Travellers International Hotel Group Inc. But paperwork snafus could hold it up.
According to a recent report by the Manila Standard, the Securities and Exchange Commission (SEC) is currently looking over the paperwork of Suncity’s investment in Suntrust in order to determine any violations.
According to SEC Commissioner Ephyro Luis Amatong,
“…there is no need for tender offer because control was achieved by the Hong Kong entity through purchases from the market. But MSRD is now looking into that claim to verify. We are determining if no tender offer would have been appropriate.”
