Belle Corp Wants Game Subsidiary To Go Private

Philippine-listed Belle Corp said it plans to place a tender offer on all outstanding common shares of its gaming division Premium Leisure (PL) Corp. In a filing with the parent company on Monday, the goal is to file a “voluntary delisting” of Premium Leisure with the board of directors of the Philippine Stock Exchange.

The event, approved by Bell’s board on Monday, is “subject to valuation studies” of premium leisure’s shares and “published impartiality comments by an independent third party.”

Premium Leisure is an investor in City of Dreams Manila, a casino resort in the Philippine capital run by a division of Melco Resorts & Entertainment Ltd. Premium Leisure gets a stake through a division of gaming revenue generated by City of Dreams Manila.

Premium Leasure also operates a lottery business through Pacific Online Systems Corp.

Investment bank First Metro Investment Corp was involved “to conduct evaluation studies and publish fairness opinion reports,” Bell said.

“The tender offer price, timing and other conditions of the exercise will be determined and finalised upon receipt and acceptance by the Belle Board of Directors of the Fairness Opinion Report,” it added.

Maybank IBG Research on Tuesday said data from the Philippine Stock Exchange showed premium leisure’s exchange-traded index was 20.1%, “slightly above the requirement of 20%.

Premium Leisure said in a separate filing that it had asked investors to voluntarily suspend trading of its shares on Monday “so that they can access and consider this information equally.”

Premium Leisure said at a special meeting on Monday that its board had approved voluntary delisting of its premium leisure shares on the Philippine Exchange.

“Following Belle’s successful tender offer, the event is subject to voluntary delisting requirements on the Philippine Stock Exchange,” Premium Leisure said.

“Bell will act as a supporter for the voluntary delisting of premium leisure,” it added.

Casino revenue from Bell Corp’s 2023 City of Dreams Manila gaming business share rose 49.9% year-over-year to nearly 2.34 billion PHP ($41.7 million).

BY: 카지노사이트 모음