GGRAsia – New CFO of Suntrust, name update and share capital increase
Suntrust new CFO, name update and share capital increase
Suntrust Home Developers Inc, a company involved in creating the Westside City program (pictured) including a hotel-casino, in the Philippine capital Manila, has officially been renamed under the name Suntrust Resort Holdings Inc, and appointed former banker Sutha Kandiah as the new Chief Financial Officer (CFO).
Tuesday’s annual meeting of shareholders also gave the board the green light to more than double the company’s share capital, at 50 billion shares, “to provide additional funds for the construction of the main hotel-casino” of the Westside City complex.
In August, the Westside City Casino was scheduled to start operating in 2023.
The company told the Philippine Stock Exchange on Tuesday that Mr. Kandiah’s appointment still hinged on “the issuance of the required work permit by the relevant government agencies,” including the Bureau of Immigration and the Department of Labor and Employment.
According to a document also sent to the exchange, Mr. Kandiah “has structured and executed over 250 transactions” in industries such as hospitality and gaming, for more than 25 years as CFO in Singapore, Hong Kong and in Japan.
The document says he is currently an adviser to the board of directors of Digipay, a Philippines-based digital payments and financial services apps brand.
Each of the new Suntrust shares will have a par value of PHP 1.00 (US $ 0.02). The current authorized share capital of the company is PHP 23 billion.
As of the close of business on Tuesday, the company’s publicly traded shares were valued at PHP 1.53 each, according to Reuters data.
In June last year, the group said it had changed its primary focus from real estate development to “tourism-related businesses,” and would request a name change to reflect that.
Suntrust is controlled by the Hong Kong listed company Suncity Group Holdings Ltd, run by the young entrepreneur from Macau Alvin Chau Cheok Wa.
At the end of August, Suncity Group Holdings reported first half profit of CNY 209.0 million (US $ 32.3 million) attributable to shareholders, supported by funds raised from the sale of a mainland Chinese real estate company .