The Securities and Exchange Commission has approved an increase in the authorized capital stock of Suntrust Home Developers Inc, paving the way for the entry of Suncity Group Holdings into the company.
In October, Hong Kong-listed Suncity announced it had acquired a controlling stake in Suntrust, which is involved in developing and managing an upcoming five-star hotel and casino in Manila, known as Westside City Resorts World.
In a disclosure to the Philippine stock exchange on the weekend, Suntrust said it has increased its authorized capital stock to P23 billion from P3 billion.
Of the P20-billion net increase in the company’s capital stock, 25 percent or P5 billion will be subscribed by Suncity’s subsidiary Fortune Noble Ltd.
Following the transaction, Suncity will have a 51 percent stake in the company.