Suntrust to issue P5.6 billion bonds to Summit Ascent

MANILA, Philippines — Suntrust Home Developers Inc. has entered into a bond subscription agreement with Hong Kong listed Summit Ascent Investments Ltd.

Under the agreement, Suntrust will issue P5.6 billion in convertible bonds to Summit, proceeds of which will be used to support the development of a planned casino project in Parañaque, in which Suntrust is part of.

Suntrust is 51 percent-owned by Fortune Noble, a wholly owned subsidiary of Suncity Group Holdings Ltd., which in turn is a listed company on the Hong Kong Stock Exchange.

Summit Ascent is listed on the Hong Kong Stock Exchange.

Suncity Group holds around 24.74 percent interest in SA Holdings.

Suntrust and Andrew Tan-led Westside City Resorts World Inc. are jointly developing a five star hotel and casino project at Manila Bayshore Integrated City in Parañaque City.

This is  part of the co-development agreement they signed in October last year.

Westside is a subsidiary of Travellers, which in turn is a venture between Tan’s Alliance Global Group Inc. and the Genting Group of Hong Kong, a casino and cruise ship operator.

Other casinos in the 100-hectare Entertainment City are

Solaire Resort, City of Dreams and Okada Manila.