Suntrust Infusing P3.2B for Dev't of Westside Resort

Suntrust Resort Holdings Inc., the Philippine unit of Hong Kong's LET Group, is injecting P3.2 billion for the development of the Westside integrated resort project in Parañaque.

- By RICHMOND MERCURIO

In a stock exchange filing, Suntrust said it subscribed to 400 million common shares of Westside Bayshore Holding Corp. (WBHC) for P8 apiece, which consist of 40 percent of the company's total outstanding and issued common shares.

WBHC is a holding company and subsidiary of Travellers International Hotel Group Inc., a developer of integrated resorts and operator of gaming facilities under a license issued by the Philippine Amusement and Gaming Corp.

Suntrust said the acquisition of 40 percent of the total outstanding and issued shares of WBHC is pursuant to a strategic working agreement with Travellers International, Westside City Inc. and Entertainment City Resorts Corp. (ECRC) to expedite the completion of the Westside integrated resort project in Entertainment City.