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Summit Ascent to issue US$120 million loan to Philippines associate SunTrust for Manila hotel and casino development
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Hong Kong’s Summit Ascent Holdings has entered into an agreement to loan HK$930 million (US$120 million) to Philippines-listed SunTrust Home Developers to fund the construction of SunTrust’s hotel and casino development in Manila’s Entertainment City.
The loan, to be issued by Summit Ascent subsidiary SA Investments, will be issued due to delays in Summit Ascent’s own development works in Vladivostok, Russia, where it is has started construction of Tigre de Cristal Phase 2.
Both companies are majority-owned by Hong Kong’s Suncity Group, which owns a 67.5% stake in Summit Ascent and 51% of SunTrust. Summit Ascent also holds Php5.6 billion worth of convertible bonds in SunTrust, which would equal a 30.03% stake should it choose to convert.