Megaworld sells additional 11% stake in Suntrust Resort Holdings

LISTED property developer Megaworld Corp. has sold more of its stake in integrated resort developer Suntrust Resort Holdings, Inc.

In a stock exchange disclosure on Tuesday, Megaworld said it disposed of 814.67 million common shares in Suntrust through the open market at 60 centavos per share.

The shares represented an 11.24% interest in the resort developer, it added.

This follows an earlier sale of 900 million common shares at the same price, which accounted for a 12.41% stake in Suntrust.

Megaworld’s sister firm, Travellers International Hotel Group, Inc., recently gained majority control of the Westside Integrated Resort Project in Parañaque City.

Suntrust’s stake in the project has been reduced to 20% amid construction delays and financial setbacks. — Beatriz Marie D. Cruz