Belle Corp to delist Premium Leisure from Philippine Stock Exchange
Belle Corp has initiated a tender offer for outstanding shares.
The Philippines.- Belle Corp has plans to conduct a tender offer for all outstanding common shares of its gaming unit, Premium Leisure and to apply for voluntary delisting from the main board of the Philippine Stock Exchange.
The decision has been approved by Belle Corp’s board of directors but is contingent on several factors, including a valuation study on Premium Leisure’s shares and the issuance of a fairness opinion by an independent third party. It has engaged First Metro Investment for the latter. The tender offer price, timing, and other terms and conditions will be determined upon receipt of the report.
Premium Leisure’s board of directors has approved the voluntary delisting of its shares from the Philippine Stock Exchange, subject to the successful tender offer by Belle Corp and compliance with the exchange’s requirements.
Premium Leisure is mainly known for its investments in City of Dreams Manila. It earns a share of gaming revenue generated at City of Dreams Manila and has a lottery operation via Pacific Online Systems. The company has recently reported that revenue was up 41 per cent year-on-year to PHP2.33bn (US$41.6m) for full year 2023. Net income was PHP2.33bn (US$41.6m), up 85 per cent.
