SUNTRUST Home Developers, Inc. is extending the period for concluding the share subscription of Fortune Noble Ltd. in the company and the fundraising period for its hotel casino project in Parañaque City.
The listed company told the stock exchange yesterday it entered two new supplemental agreements over the weekend in relation to its recent activities.
The first one is a supplement to the company’s share subscription agreement with Fortune Noble — a subsidiary of Hong Kong’s Suncity Group Holdings, Ltd., which bought a 51% stake in Suntrust in October.
Originally, the closing conditions and the conditions subsequent to the agreement were supposed to be fulfilled or waived by March 31. Under the newly signed supplemental agreement, this period is extended to July 31.
The other deal signed over the weekend is a supplement to Suntrust’s co-development agreement with Westside City Resorts World, Inc. for a hotel casino project in Parañaque. — Denise A. Valdez