Suntrust, Westside ink supplemental agreement

MANILA, Philippines — Suntrust Home Developers Inc. and Andrew Tan-led Westside City Resorts World Inc. have entered into a supplemental agreement in relation to their planned casino project in Parañaque.

The latest agreement covers the payment of further deposit of $46 million, together with a refundable deposit of $20 million.

This is part of the payment schedule of Suntrust to Westside for the project site.

The supplemental agreement also seeks to extend the fund raising period or the date by which the conditions for the co-development agreement would be met. The new date is Sept. 30 compared to July 31.

“In case the conditions precedent under the co-development agreement are not fulfilled by Sept. 30 or any other date Westside and SunTrust may agree in writing, the deposits shall be refunded by Westside to SunTrust within 10 business days.

Failing which, the deposits shall be charged with interest at the rate of six percent per annum from the due date of payment of the said refund of the deposits to and inclusive of the date of actual receipt thereof,” the new agreement said.

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

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