THE Securities and Exchange Commission (SEC) exempted Suntrust Home Developers, Inc.’s proposed issuance of P5.6 billion, 6% convertible bonds to Summit Ascent Investments Ltd. from registration requirements.
Suntrust released on Monday a copy of the SEC letter dated Dec. 11, as signed by SEC Director Vicente Graciano P. Felizmenio, Jr.
Mr. Felizmenio said the company is “exempt from the registration requirements under Section 8 of the Securities Regulation Code, for which the exemption fee in the amount of P5.66 million was paid to the commission on October 08, 2020…”
Mr. Felizmenio added the convertible bonds to be issued in favor of Summit Ascent Investments is an “exempt transaction” under the Securities Regulation Code, as it is a “sale of securities by an issuer to fewer than 20 persons in the Philippines during any 12th month period.”
“The commission hereby confirms that the issuance of the said convertible bonds is exempt from the registration requirements,” he also said.
In June, Suntrust announced it would be issuing P5.6 billion convertible bonds to be subscribed to by Summit Ascent, a Hong Kong-based company.
Suntrust had said the move would support the development of the five-star hotel casino that it is building at the Manila Bayshore Integrated City in Parañaque City.
Suntrust is 51%-owned by Fortune Noble Ltd., a wholly owned subsidiary of Hong Kong-based Suncity Group Holdings Ltd.
Suncity is a substantial shareholder of Summit Ascent through its parent company, Summit Ascent Holdings Ltd., where Suncity holds approximately 24.74% interest. — Arjay L. Balinbin