Firm ventures into tourism businesses

Published November 2, 2019, 12:00 AM

by manilabulletin_admin

By James A. Loyola

Suntrust Home Developers, Inc., the former BW Resources, is amending its primary and secondary purposes under its Articles of Incorporation to allow it to venture into tourism-related businesses.

In a disclosure to the Philippine Stock Exchange, the firm said its Board of Directors has approved the amendment to allow the Corporation to focus on tourism-related businesses.

“The proposed amendments will allow the Corporation to venture in tourism-related businesses, and facilitate investments therefor,” the firm stressed.

The proposed amendments to the Corporation’s Primary Purpose and Secondary Purposes will be submitted for written assent of the shareholders as of record date of November 15, 2019, representing at least 2/3 of the outstanding capital stock.

In the same meeting, the Suntrust Board of Directors ratified the approval by the Board of Directors on September 23, 2014 and the stockholders on November 18, 2014, to increase the firm’s Authorized Capital Stock from ₱3 billion to ₱23 billion.

Trading activity in Suntrust shares have been active in the past week due to speculation of a possible backdoor listing and this disclosure has further fueled talks of its venturing into the gaming business.

BW Resources was the subject of a price manipulation scandal when it circulated talks of getting into the gaming business with Macau tycoon Stanley Ho.