Suntrust Home Developers said shareholders have approved a proposal to change its name, to list more shares and to raise its outstanding capital stock.
The company, a unit of Suncity Holdings, had proposed changing its name to Suntrust Resort Holdings to better reflect its business, which is focused on developing the Westside City integrated resort project in Manila’s Entertainment City.
Shareholders at the special general meeting also agreed to more than double the amount of capital stock outstanding to PHP50 billion and to list the remaining 2.45 billion shares issues following an increase in its capital stock approved in 2019.
Investors also agreed to waive a proposal that would have forced a mandatory rights offering under Philippine Stock Exchange rules.
Westside City will include a 5-star hotel with at least 400 rooms, a casino with 400 gaming tables and 1,200 slot machines for both mass and VIP markets, and a 960 space parking lot.