THE Securities and Exchange Commission (SEC) has approved the incorporation of Suncity WC Hotel Inc. as a new wholly owned subsidiary of Suntrust Home Developers, Inc.
In a disclosure to the stock exchange on Wednesday, Suntrust said the SEC on Jan. 19 released the certificate of incorporation of Suncity WC Hotel that granted its juridical personality.
According to the company, Suncity WC Hotel will be in charge of Suntrust’s hotel business and other tourism related operations.
Suntrust added that based on its articles of incorporation, the main purpose of Suncity WC Hotel is to engage in the business of establishing, constructing, operating, managing, and/or maintaining hotels, health and wellness shops, cinema, car parks, entertainment centers, amusement centers and other tourism-related facilities, and all its incidental and allied facilities and services.
The company said another purpose of Suncity WC Hotel is to own, hold, lease, or sublease any real and personal property that can be deemed necessary or convenient for the conduct of the said businesses.
Suntrust said the transaction involved some 10.14 million shares with a par value of P1 per share amounting to P10.14 million.
On Jan. 4, Suntrust announced that it had issued P5.6 billion worth of 6% convertible bonds to Summit Ascent Investments Ltd., and P7.3 billion worth of zero-interest coupon convertible bonds to Fortune Noble Ltd.
Both issuances will raise funds for the development of its five-star hotel and casino in Manila Bayshore Integrated City in Parañaque City, the company said.
On Wednesday, shares in Suntrust at the stock exchange rose 2.79% or six centavos to end at P2.21 apiece. — Revin Mikhael D. Ochave