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Manila Bulletin devider Business devider The Stock Market devider Megaworld fully divests from Suntrust Resort Holdings

Megaworld fully divests from Suntrust Resort Holdings

Published Dec 26, 2025 10:45 am
Tycoon Andrew Tan’s township developer Megaworld Corp. has fully divested its 34-percent stake in publicly listed integrated resort developer Suntrust Resort Holdings Inc., following its third tranche share sale, which brings total proceeds to ₱1.48 billion.
In a disclosure to the Philippine Stock Exchange (PSE), Megaworld said it disposed of 740.33 million common shares in Suntrust, corresponding to a 10.21-percent interest, at the price of ₱0.61 per share for a total of ₱451.6 million through the open market on Dec. 23, 2025.
“The transaction paves the way for the company to concentrate on its core real estate development activities, particularly real estate selling and leasing, thereby creating greater value for shareholders,” the firm said.
It added that, “The disposition, which was executed in the open market and at prevailing market prices, is expected to have a positive effect on the company’s business and operations by increasing management focus and capital allocation to the company’s core business.”
Prior to this, Megaworld disposed through the open market of 814.67 million Suntrust common shares, corresponding to an 11.24-percent interest, at ₱0.60 per share for a total of ₱488.8 million.
Megaworld had also disclosed that it disposed of 900 million Suntrust shares, corresponding to a 12.41-percent stake, at ₱0.60 per share, totaling ₱540 million through the open market on Dec. 19, 2025.
As of mid-October, Megaworld held a 34-percent stake in Suntrust, meaning it still had a little over 10 percent left. Fortune Noble Ltd. and The Andresons Group Inc. held 51 percent and 0.63 percent, respectively.
Megaworld’s sister company, Travellers International Hotel Group Inc., recently took majority control over the development of Westside Integrated Resort after foreign-controlled partner Suntrust agreed to reduce its stake in the project to 20 percent due to financial challenges.
Suntrust said its board of directors “authorized the company to pursue a strategic working agreement with Travellers International Hotel Group Inc., Westside City Inc., Westside Bayshore Holding Corp., and Entertainment City Resorts Corp. (ECRC).”
The agreement is aimed at expediting the completion of the now-expanded but delayed Westside Integrated Resort Project, located at Entertainment City in Parañaque City.
Under the agreement, Suntrust will effectively hold a 20-percent indirect interest in ECRC, and “to ensure the timely construction, development, completion, and operation of the Westside Integrated Resort Project, ECRC will assume all rights and obligations related to the project.”
Westside Integrated Resort is planned as a world-class integrated resort consisting of a five-star hotel, casino, mall, and theater complex envisioned to be the Broadway of the Philippines.
Among its offerings are Artists Promenade, the iconic Grand Opera House, and Apollo, Bohemia, and Crown theaters, all of which are dedicated to Philippine performing arts.
Based on its revised project implementation plan (PIP), completion and opening of Westside City’s main casino is targeted for the third quarter of 2026 instead of later this year.
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