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October 01, 2023

China Bank loan facility eyed for P25-B Manila casino project

Suntrust Resort Holdings Inc., a tourism-oriented firm, has expressed its intention to obtain a loan of up to P25 billion to support a casino project in Manila.

The company has disclosed that its board has authorized negotiations for a loan facility with China Banking Corp, with the possibility of entering into an omnibus loan and security agreement involving other relevant parties.

The comprehensive loan package will encompass various agreements, including a loan facility agreement, mortgage agreement, security agreement, suretyship agreement, and project accounts agreement.

The loan proceeds are specifically earmarked for funding project costs and the construction of the main casino project, which is expected to provide significant benefits to Suntrust.

In relation to this planned transaction, the company’s board of directors has designated its chairman, Lo Kai Bong, and president, Chua Ming Huat, as authorized signatories acting singly.


BSP disqualifies unregistered money service business

The Bangko Sentral ng Pilipinas (BSP) has disqualified Riyben Foreign Exchange for operating an unregistered money service business, part of BSP’s ongoing efforts to curb unauthorized MSBs, following similar actions taken against six other firms earlier this year.

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