Bloomberry seeks up to US$98.6m in share placement

Bloomberry’s net income for H1 was PHP3.43bn (US$60.5m).
Bloomberry’s net income for H1 was PHP3.43bn (US$60.5m).

The placement will be conducted in two phases.

The Philippines.- Bloomberry Resorts Corp has announced plans to conduct a share placement and subscription transaction with the aim of raising up to PHP5.59bn (US$98.6m). A timeline has not yet been announced.

According to a filing submitted to the Philippine Stock Exchange, the initiative involves the participation of the firm’s controlling shareholder, Quasar Holdings, owned by Philippine billionaire Enrique Razon, who concurrently serves as Bloomberry’s chairman and chief executive.

The financial scheme consists of two distinct phases. The first entails Quasar Holdings selling up to 559m of its Bloomberry shares at an offer price of PHP10.00 per share, targeting investors both inside and outside the United States, as well as qualified buyers in the Philippines. This portion of the transaction will be structured to avoid the need for registration under the Securities Regulation Code.

The second phase is set to take place immediately after the completion of the share sale by Quasar Holdings. During this phase, Bloomberry Resorts will issue new shares to Quasar Holdings, mirroring the quantity and price of the shares sold during the initial phase.

Bloomberry Resorts said its goal was to strengthen and diversify its capital base while expanding the ownership of its shares among a broader spectrum of institutional investors.

Maybank IBG Research has recently increased its earnings projections for the casino operator following the company’s financial performance in the first half. Bloomberry’s cumulative net income for the first half of 2023 stood at PHP6.42bn, up 158 per cent year-on-year.

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