LOCALLY LISTED Suntrust Resort Holdings, Inc. said its parent firm in Hong Kong is changing its corporate name to reflect the group鈥檚 focus on tourism-oriented ventures.
鈥淪GHL鈥檚 (Suncity Group Holdings Ltd.) board believes that the new name can bring a new聽atmosphere to SGHL鈥檚 corporate image and identity, which will help SGHL better capture potential business opportunities and benefit the future development of the group,鈥 the company said in a press release on Thursday.
Hong Kong鈥檚 SGHL proposed to change its name to聽LET Group Holdings Ltd.,聽with 鈥淟鈥 standing for leisure, 鈥淓鈥 for entertainment, and 鈥淭鈥 for taste, as part of the group鈥檚 strategic business plan and its future development direction focused on tourism-related business.
Suntrust said that the proposed name change is conditional upon SGHL shareholders鈥 approval at a general meeting and the approval of the Registrar of Companies in the Cayman Islands.
SGHL is principally engaged in the development and operation of an integrated resort in the Philippines聽through Suntrust and its subsidiaries. It is also involved in the operation of a hotel and gaming business in Russia聽through Summit Ascent Holdings Ltd. and its subsidiaries; property development in Japan; and management and operation of malls in China.
As part of its tourism-related business, Suntrust entered a co-development agreement with Westside City Resorts World, Inc. to continue Westside City鈥檚 development, construction, operation and management of casinos and related businesses.
On the stock market on Thursday, Suntrust鈥檚 shares ended unchanged at P1.01 apiece. 鈥 Justine Irish D. Tabile
