Asian E-Commerce, Inc. completed the acquisition of remaining 24.27% stake in First Oceanic Property Management, Inc. from Suntrust Home Developers, Inc..
April 15, 2021
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Asian E-Commerce, Inc. signed an agreement to acquire remaining 24.27% stake in First Oceanic Property Management, Inc. from Suntrust Home Developers, Inc. (PSE:SUN) for approximately PHP 150 million on March 25, 2021. As part of the transaction, Asian E-Commerce will purchase 48.1 million shares of First Oceanic Property Management at PHP 3.2 per share. On April 16 , 2021, SUN and Asian E-Commerce, Inc. executed the relevant Deed of Absolute Sale of Shares. In 2020, First Oceanic generated profit before tax of PHP 90.4 million and profit after tax of PHP 51.8 million. As of December 31, 2020, First Oceanic had net assets of PHP 633.4 million. Transaction was approved by Board of Directors and all the independent non-executive Directors have approved the transaction. The transaction is expected to close on a date falling on 30th business day after the date of the share purchase agreement. The Group intends to apply the net sale proceeds from the Disposal as general working capital and to partially finance the construction of the Main Hotel Casino that is currently under-developed by SunTrust.
Asian E-Commerce, Inc. completed the acquisition of remaining 24.27% stake in First Oceanic Property Management, Inc. from Suntrust Home Developers, Inc. (PSE:SUN) on April 16, 2021.
Suntrust Resort Holdings, Inc. is a Philippines-based company, which is focused on tourism development. The Company business segment is tourism-related-business, which is the development and operation of the Main Hotel Casino. The Companyâs subsidiaries include SWC Project Management Limited (SWCPML), WC Project Management Limited (WCPML) and Suncity WC Hotel Inc. (SWCHI). SWCPML operates MPF Schemes, a compulsory pension fund for all qualifying employees in Hong Kong.
Asian E-Commerce, Inc. completed the acquisition of remaining 24.27% stake in First Oceanic Property Management, Inc. from Suntrust Home Developers, Inc..