Suntrust Home Developers Inc., controlled by Hong Kong-Based Suncity Group, has set up a new subsidiary that will handle its hotel business and other tourism-related operations.
In a disclosure to the stock exchange, Suntrust said the Securities and Exchange Commission had already approved the incorporation of Suncity WC Hotel Inc.
Suncity WC Hotel is engaged 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.
It will own (other than land), hold, lease or sublease any real and personal property, which may be necessary or convenient for the conduct of its businesses.
The company has subscribed to 100% of the outstanding shares of Suncity WC Hotel Inc.
Previously controlled by bilyonaryo Andrew Tan, Suntrust subscribed to P10.138 million shares of the new corporation.
In October 2019, Suncity took over Suntrust, which will co-develop an integrated gaming resort with Tan and the Genting Group.