Casino development at US$83 million scheduled for completion in September 2021
On 13 November 2020, SunTrust filed in a formal notice with the Stock Exchange of Hong Kong, announcing that it has “entered into the Construction Agreement I and Construction Agreement II” with Megawide, appointing Megawide as the contractor to undertake certain of the construction works of the Main Hotel Casino.
The Main Hotel Casino to be constructed is for the Group’s own use in its usual course of business, with the transactions contemplated under each of the Construction Agreements not required to be aggregated with the other and treated as one transaction only. Completion date for the casino has been set around September 2021.
The contract sum payable by SunTrust to Megawide under the Agreement shall be PHP4,017,000,000 (equivalent to approximately US$83 million) in total necessary for the proper execution of the Works I. The contract sums payable by SunTrust under the Construction Agreement I will be financed by funds raised by SunTrust for financing the development and construction of the Main Hotel Casino.
Megawide is a company incorporated in the Philippines, the shares of which are listed on the PSE. Megawide is principally engaged in the general construction business, including constructing, enlarging, repairing, or engaging in any work upon buildings, houses and condominium, roads, plants, bridges, piers, waterworks, railroads and other structures. It performs other allied construction business like the construction and sale of precast items, concrete production, and purchase, sale and/or lease of formworks system and construction equipment.
The Suncity Group is principally engaged in property development in Guangdong and Anhui Provinces in the PRC; property leasing in Shenzhen in the PRC; (iii) provision of hotel and integrated resort general consultancy service in Vietnam; (iv) provision of travel related products and services; development and operation of integrated resort in the Philippines; and operation of the hotel and gaming business in the Integrated Entertainment Zone of the Primorye Region in the Russian Federation. The Group has been expanding and seeking opportunities to expandits tourism-related business, in particular, investment in integrated resorts and provision of hotel and integrated resort general consultancy services in the South East Asia region.