Suntrust sells First Oceanic Property

MANILA, Philippines — Suntrust Home Developers Inc. is selling its stake in First Oceanic Property Management Inc. as it focuses on the casino and entertainment business after being appointed as the sole and exclusive service provider of the Manila Bayshore Casino resort in Paranaque City.

Suntrust signed a deal with Asian E-Commerce Inc. (AEI) for the sale of 48 million common shares in First Oceanic Property, representing approximately 24.27 percent of the real estate company.

“Given the principal business of the First Oceanic Property and its subsidiary, CityLink Coach Services Inc. (CityLink) is entirely unrelated to the casino and entertainment market of the Philippines, the disposal allows Suntrust to dispose of its non-core business and focus and deploy its resources to its principal businesses,” Suntrust said.

First Oceanic is primarily engaged in the management of real estate properties in the Philippines, while CityLink is primarily engaged in providing transportation services in the Philippines.

Furthermore, First Oceanic holds 100 percent of the outstanding shares of stock of CityLink, which was incorporated and registered with the Securities and Exchange Commission.

Suntrust and Westside City are jointly developing the Andrew Tan-led five-star hotel and casino project at Manila Bayshore Integrated City in Paranaque.

Westside is a subsidiary of Travellers, which is a venture between Tan’s listed conglomerate Alliance Global Group Inc and the Genting Group of Hong Kong, a casino and cruise ship operator.

Suncity Group’s shareholders earlier approved the project site payment of $200 million.

Shareholders also approved the lease agreement with Suntrust as lessee and Westside and Travellers International Hotel Group Inc. as lessor.