HK-based Summit Ascent to provide funds to offset Summit Ascent’s interest dues; move meant to protect the investability of Suntrust’s Westside City development in Manila.
Original story by Asia Gaming Brief with insights from the ACN Newsdesk
Summit Ascent, a subsidiary of the Hong Kong-listed LET Group (formerly known as Suncity), has announced that it has entered into a new share agreement with its Philippine partner-company Suntrust Resort Holdings for some PHP13.51 billion ($246.85 million).
The move is in part to offset the interest due by Suntrust to parties from multiple bonds that could ‘deter’ further investment in the company.
The group refers to its main hotel casino project in the Philippines, with worries that a lack of funding could ‘significantly postpone its completion and opening’ – a 5-star hotel and casino project set to feature over 400 rooms which was initially expected to open doors next year.
Currently the group is sitting on interest amounting to PHP6.19 billion ($113.11 million) and PHP6.84 billion ($124/96 million) in regard to its 2020 and 2022 loans which the new investment from Summit Ascent is expected to offset.
Summit Ascent has recently been involved in a spate of financial movements, providing financing for other subsidiaries throughout Asia. Recently, the developer concluded a USD 35-million deal to acquire land in Okinawa, Japan for development into a luxury hotel spot.
The moves come despite financial issues due to the ongoing conflict in Ukraine, which has slowed visitation to the group’s Tigre de Cristal resort in Vladivostok.
To read the original report brief by Asia Gaming Brief, visit:
https://agbrief.com/news/philippines/28/07/2023/summit-ascent-providing-246-million-to-ph-based-suntrust/ read also a similar article by Inside Asia Gaming at https://www.asgam.com/index.php/2023/07/27/summit-ascent-reaches-refinancing-agreements-with-suntrust-to-ensure-completion-of-manila-hotel-and-casino/
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