Suntrust Home Developers Inc. of tycoon Andrew Tan is increasing its capital stock by more than six fold to P23 billion from P3 billion as its plans to venture into tourism-related businesses.
Suntrust said in a disclosure to the stock exchange its board of directors approved to amend the primary and secondary purposes of the company to allow it to focus on tourism-related businesses.
The board during the same meeting approved to raise the capital stock to P23 billion divided into 23 billion common shares with a par value of P1 apiece.
Suntrust said the proposed amendments would be submitted to shareholders of record as of November 15, 2019, representing at least two-thirds of the outstanding capital stock of the company, to obtain their written consent.
“The proposed amendments will allow the corporation to venture in tourism-related businesses, and facilitate investments therefor,” said Suntrust.
Following the disclosure, share price of Suntrust on Monday surged 36.8 percent to P1.17 from rgw previous close of P1.25.
Suntrust was also the top gainer Monday and was one of the most actively traded stocks.
Suntrust is engaged in real estate development, especially mass housing, townhouses, residential subdivisions and other horizontal developments.
The company does not have any business operations at the moment and is not offering any product or service.
However, through its wholly-owned subsidiary, First Oceanic Property Management Inc., the company is engaged in property management of residential and office buildings and private estates.
Suntrust in July was included in Forbes Asia’s Best Under a Billion list of 200 top-performing public companies in the region.
