The deadline for a financing contract of up to $13.51 billion (now $235.2 million) for a company developing casino hotel plans in the Westside City of Manila, the capital of the Philippines, has been pushed back by 12 months to April 30, 2025.
Philippine-listed SunTrust Resorts Holdings Inc., the promoter of the Westside City Casino Hotel (artist's rendering photo), confirmed the new date in a filing on Friday.
In July 2023, Summit Ascent Investments Ltd, a direct holding subsidiary of Hong Kong-listed Summit Ascent Holdings Ltd, agreed to issue convertible bonds at the principal amount of PHP $13.51 billion to be issued by Suntrust. The long cutoff date for the transaction was April 30 this year.
Summit Ascent filed its own paperwork for the delay on Tuesday. The company said some conditions to complete the transaction would have to be "implemented," including Suntrust's acquisition of "necessary consent, approval and waiver from the [Philippines] Securities and Exchange Commission (SEC) and other relevant government authorities" regarding the subscription agreement as of that date.
"Despite SunTrust's application to the SEC, the SEC's approval is yet to come out as of this announcement date," Summit Ascension said.
"As advised by the group's legal advisers on Philippine law, it will take about another 12 months to get SEC confirmation," it added.
Summit Ascent Holdings, at the time of its July 2023 filing, cited "financial support" for SunTrust as a "failure to pay interest" from Philippine-listed SunTrust, due under its 2020 convertible and 2022 convertible bonds, that would allow relevant lenders or investors to "hold back" from providing funding for the rest of the capital expenditure needed to develop the main hotel casino and significantly delay completion and opening.
On April 22 this year, Suntrust said its board agreed to a $38 million loan from Summit Ascent and Suntrust's parent company, LET Group Holdings Ltd.
According to a recent announcement, SunTrust will begin operations in casino hotels in the first quarter of 2025.
BY: 경마사이트프로