Bloomberry Chair sells partial stake

bloomberry stake

Credits: BusinessWorld

Chair shareholder of the gaming operator Bloomberry sold a 3.18 percent stake of the company.

Philippines.- Enrique Razon, chair and controlling shareholder of Bloomberry Resorts revealed that he has sold a portion of his stake in Bloomberry Resorts Corporation for US$74.5 million. The shareholder’s Prime Metroline Holdings sold 350 million shares for 10.85 pesos per share.

The 3.18 percent stake belongs to the company behind Solaire Resort & Casino, but the company still holds a 65.58 percent stake in Bloomberry. “I am very confident of the prospects for Bloomberry. I believe that the increased liquidity in the stock will be beneficial for investors and the company,” said the official yesterday during a filing to the Philippine Stock Exchange. Prime Metroline remains the principal shareholder of the company even after the sell.

Earlier this year, Bloomberry Resorts Corporation announced that the second hotel and casino planned for Quezon City will be likely developed in early 2018. The property in the city still needs to undergo some legal procedures. Razon said in an interview during the annual meeting of the ICTSI (International Container Terminal Services Incorporated) that they were aiming to start the construction process this year, but the territory is occupied by informal settlers.