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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.
Update: February, 24/2021 - 04:12 |
Suncity , Hong Kong Stock Exchange code: 1383) and Summit Ascent Holdings Limited (
Summit Ascent , Hong Kong Stock Exchange code: 102), are pleased to announce that staff in Tigre de Cristal has started to receive Russia s self-developed Sputnik V COVID-19 vaccination
. This is a move by the Government to safeguard the health and safety of the Russian citizens, our staff and our guests, as well as a move to prepare the country to go back to normal soon. As a number of countries in the world are rolling out mass COVID-19 vaccination programmes, the normalisation of the economy and the re-opening of international borders are just around the corner.
BusinessWorld
February 16, 2021 | 12:04 am
MEGAWIDE Construction Corp. on Monday said it bagged âmultipleâ contracts amounting to P26.3 billion from Suntrust Home Developers, Inc. for its Westside City Resorts World project.
âThe initial letters of award from Suntrust â totaling P6.3 billion â included initial works such as pile cap, excavation, and lateral support direct contract, worth P2.3 billion, and Site B main contract, including basement substructure, superstructure, and architectural builders works and finishes, amounting to P4 billion,â the listed engineering and construction company said in an e-mailed statement.
The company added that it was awarded a supplemental agreement amounting to P20 billion on Dec. 18 last year.
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