Suntrust Home Developers Inc, the Philippines-listed firm developing a US$1 billion hotel and casino project in Manila, has announced the appointment of Suncity Group executive Andrew Lo and recently appointed CEO of Summit Ascent Holdings, David Chua, to its Board of Directors.
In a filing, Suntrust said it had accepted the resignations of two former directors, Joey I. Villafuerte and Josephine Marie R. Salazar, this week with Lo and Chua nominated to take their place. The duo will initially serve out the remaining terms of their predecessors.
The appointments appear to strengthen the influence of Suncity, which currently holds a majority 51% stake in Suntrust it acquired in late 2019.
Lo is Chief Investment Officer of Suncity Group and has been actively involved in the business development of the company, including its expansion into Vietnam via integrated resort Hoiana and acquisition of Summit Ascent, which holds a 77.5% interest in Oriental Regent Ltd – the operating entity of Russia’s Tigre de Cristal in Vladivostok.
Suncity holds a 69.66% interest in Summit Ascent.
As reported by IAG, Chua joined Summit Ascent as its new Executive Director and CEO on 1 May following 15 years spent working for companies associated with Malaysia’s Genting Group. He was most recently Chairman of Resorts World Manila operator Travellers International Hotel Group Inc.
Suncity’s Manila IR project, part of the Westside City Resorts World development in the Entertainment City precinct, is due to open its first phase in late 2022 and remaining operations in 2023, incorporating a casino with 400 gaming tables and 1,200 slot machines with a 450-room hotel and multiple other attractions.