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Manila Bulletin devider Business devider The Stock Market devider Megaworld disposes more shares of Suntrust Resort

Megaworld disposes more shares of Suntrust Resort

Published Dec 23, 2025 09:58 am
Top township developer Megaworld Corp. has divested more of its stake in integrated resort developer Suntrust Resort Holdings Inc., bringing its holdings down to 23.65 percent of the affiliate’s outstanding capital.
In a disclosure to the Philippine Stock Exchange (PSE), Megaworld said it disposed of 814.67 million Suntrust common shares through the open market, corresponding to an 11.24-percent interest, at a price of ₱0.60 per share.
The sale on Dec. 22, 2025, raised a total of ₱488.8 million, bringing total proceeds to ₱1.03 billion after adding last week’s divestment amounting to ₱540 million.
On Monday, Megaworld said it disposed of 900 million Suntrust shares, corresponding to a 12.41-percent stake, at ₱0.60 per share through the open market on Dec. 19, 2025.
The substantial number of shares sold, which were transacted via a cross sale by Aurora, has stock analysts wondering about the buyer, as this was not disclosed.
This could mean that there were several buyers holding less than five percent each, as a five-percent stake would require disclosure of beneficial ownership.
As of mid-October, Megaworld held a 34-percent stake in Suntrust, which means it still retains a little over 10 percent. 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 of 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, Westside City Inc., Westside Bayshore Holding Corp., and Entertainment City Resorts Corp. (ECRC).”
The agreement aims to expedite 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 to be a world-class integrated resort consisting of a five-star hotel, casino, mall, and theater complex envisioned as 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 main casino is targeted for the third quarter of 2026, instead of later this year.

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