COMPANIES controlled by tycoon Henry Sy attracted more than $121 million, or P5.38 billion, from investors from the sale of their respective stakes in Premium Leisure Corp.(PLC), the corporate vehicle now positioned to take on the gaming assets of the SM Group.
Premium Leisure on Monday told regulators at the Philippine Stock Exchange (PSE) the selling shareholders agreed to off-load their stakes at P1.65 per share, representing a 10-percent discount from its last-traded price of P1.84 per share on September 18.
The company requested for a cessation of the trading of its shares at the PSE as a result of the road show conducted by its selling shareholders Belle Corp., Foundation Capital Resources Inc., Parallax Resources Inc. and APC Group Inc.
Belle sold 3 billion common shares: Foundation Capital, 156.53 million shares; Parallax, 13.82 million shares; and APC, 90 million shares. “Belle has, likewise, agreed to sell up to 489.55 million additional PLC common shares for the over-allotment option,” the company said.
Premium Leisure, whose shares resumed trading on Monday, will raise an additional P801.15 million from the over-allotment option.
CLSA Ltd., Credit Suisse (Singapore) Ltd. and Macquarie Capital (Singapore) Pte Ltd. were chosen as the joint global bookrunners.
Premium Leisure, formerly Sinophil Corp., said it returned to profitability during the first two quarters of the year after the reversal of the impairment loss of its stake in Hong Kong’s Legends International Resorts (HK) Ltd.
The company said its net income grew P1.21 billion for the period, a reversal from its P5.56-million net loss last year.
The company is transforming itself to become a gaming company after its sister firm Belle is transferring all its gaming assets, which include interest in Premium Leisure and Amusement Inc. and Pacific Online Systems Corp.
In return, the company will transfer all its nongaming assets to Belle, which include membership shares in Tagaytay Midlands Golf Club Inc., the 4,348-square-meter lot in Aseana Business Park, parcels of land in Saratoga Hills within Tagaytay Midlands Complex, and an undeveloped land in Tanauan, Batangas.
VG Cabuag