A significant shift has occurred in the ownership structure of Suntrust Resort Holdings, as property giant Megaworld Corp. continues to divest its holdings.
Recently, Megaworld executed a substantial sale of 814.67 million common shares in Suntrust through open market transactions, realizing 60 centavos per share.
This transaction represents a noteworthy 11.24% stake in the integrated resort developer, further diminishing Megaworld’s influence within the company.
The move follows a prior sale of 900 million shares at the same price point, which previously accounted for a 12.41% ownership position in Suntrust.
These sales coincide with a period of change for the Westside Integrated Resort Project in Parañaque City, where Travellers International Hotel Group, Inc., a sister company of Megaworld, has recently secured majority control.
Suntrust’s involvement in the Westside project has consequently been reduced to a 20% stake, a change attributed to challenges including construction delays and financial difficulties.
The evolving ownership landscape signals a strategic realignment within these key players in the Philippine hospitality and real estate sectors.
