Belle Corp to reduce number of board members

It aims to streamline operations.

The Philippines.- The tourism and leisure developer Belle Corp, a co-licensee of City of Dreams in Manila (CODM) and the parent company of Premium Leisure Corp (PLC), has announced plans to reduce its board of directors from nine to seven members.

According to a statement to the Philippine Stock Exchange (PSE), the intention is to increase the proportion of independent directors relative to regular directors as part of its intention to streamline operations. Given the current level of operations, the board believes that an expanded membership is no longer necessary. The proposal will be presented for shareholder approval at the upcoming annual meeting.

Belle Corp recently concluded a tender offer for the voluntary delisting of PLC from the PSE. It now holds a 99.55 per cent stake in the subsidiary. For full-year 2023, the company posted revenue of PHP5.6bn (US$98.6m), up 3 per cent when compared to the previous year. Net income was up 32 per cent to PHP2.4bn (US$42.6m).