The Securities and Exchange Commission (SEC) has approved the establishment of Suncity WC Hotel Inc. as a separate fully owned company of Suntrust Home Developers, Inc.
In a statement to the stock exchange on Wednesday, Suntrust reported that, on January 19, the SEC issued the certificate of incorporation of Suncity WC Hotel, which granted its legal personality.
According to the group, Suncity WC Hotel would be liable for the hotel sector of Suntrust and other tourism related activities.
Suntrust added that, based on its articles of incorporation, the key objective of Suncity WC Hotel is to participate in the development, building, operation, management and/or maintenance of hotels, health and wellness stores, cinemas, car parks, entertainment centres, entertainment centers and other facilities related to tourism, as well as all its incidental and allied facilities and services.
The company has indicated that another aim of Suncity WC Hotel is to possess, keep, lease or subdue any real and personal property that may be considered appropriate or convenient for the conduct of the said sector.
Suntrust reported that the deal included some 10,14 million P1 securities per share of P10,14 million shares.
On January 4, Suntrust reported that it had released P5.6 billion of 6 percent convertible bonds to Summit Ascent Investments Ltd. and P7.3 billion of zero interest convertible bonds to Fortune Noble Ltd.
Both concerns would collect funds for the construction of its five-star hotel and casino in Manila Bayshore Integrated City, Paranáque City, the business said.