Suntrust Home Developers Inc. said it has tapped a $120-million loan from affiliate Summit Ascent Investments Limited.
The loan, the latest in a series of fund raising the company tapped from Summit Ascent, carries an interest rate of 6 percent per annum “subject to the terms and conditions.”
The Suncity-controlled Suntrust, which is developing a casino complex in Pagcor City, said the transaction “has been evaluated in accordance with the requirements and procedures set forth under the related party transactions policy of the corporation covering material related party transactions and the transaction.”
The loan duly approved by its board of directors on Feb 22. 2021.