The Philippine Stock Exchange, Inc. (PSE) has announced the approval of the voluntary delisting of Premium Leisure Corp. (PLC) effective July 9th.
The PSE has ordered the delisting of PLC shares from the bourse operator’s official registry, including the electronic board and ticker.
The delisting follows the suspension of trading of PLC shares on May 7th, after a tender offer by its parent company, Belle Corp. The tender offer involved 6.17 million PLC shares priced at PHP0.85 ($0.014), with a total value of PHP5.25 billion ($89.2 million).
As a result, PLC’s public float will decrease to 0.45 percent, below the 10 percent minimum public ownership requirement.
Belle Corp., which is engaged in the integrated resorts business, is one of the portfolio investments of the Sy-led conglomerate, SM Investments Corp.
PLC owns 100 percent equity investment in Premium Leisure and Amusement, Inc., which is a grantee by Philippine Amusement and Gaming Corporation (PAGCOR) of Certificate of Affiliations and Provisional License to operate integrated resorts, including casinos, in the vicinity of PAGCOR Entertainment City.
The license runs concurrent with PAGCOR’s Congressional Franchise, which expires in 2033, renewable for another 25 years, by the Philippine Congress.
PLC holds an interest in the City of Dreams Manila integrated entertainment and gaming complex located in Parañaque City.
Additionally, it maintains a 50.1 percent stake in the publicly listed Pacific Online Systems Corp., which provides online betting software and equipment to the Philippine Charity Sweepstakes Office for lottery operations in Visayas and Mindanao.
Premium Leisure Corp. (PLC), formerly Sinophil Corporation (SINO), was originally incorporated in 1993 as Sinophil Exploration Co., Inc. with oil and gas exploration and development as its primary purpose.
In 1997, the Securities and Exchange Commission (SEC) approved SINO’s application to change its primary purpose to investment holding and real estate development.
Then in 2014, the SEC approved the change in PLC’s primary purpose to that of engagement and/or investment in gaming-related businesses.
