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HomeNewsPhilippinesPremium Leisure Corp. moves closer to delisting, public float reduced to 0.45%

Premium Leisure Corp. moves closer to delisting, public float reduced to 0.45%

Premium Leisure Corp. (PLC), an investor in City of Dreams Manila, is one step closer to delisting from the Philippine Stock Exchange (PSE).

According to the filing on Tuesday, PLC notes that a total of 6,172,192,242 common shares, comprising 19.77 percent of the company’s outstanding capital stock, were tendered by shareholders during the Tender Offer Period.

Upon the successful cross and settlement of the tendered shares, its parent company Belle Corp. will own 31,077,096,566 common shares, comprising 99.55 percent of PLC’s total outstanding capital stock. As a result, PLC’s public float will decrease to 0.45 percent.

PLC announced its intention for a mandatory tender offer, aiming to facilitate the voluntary delisting, in March. The proposal for the mandatory tender offer was officially approved by the Board of Directors on March 11th, 2024, encompassing all outstanding common shares of PLC.

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.

Viviana Chan
Viviana Chanhttps://agbrief.com/
Viviana Chan is an editor, interpreter, and journalist. With over a decade of experience, she writes in English, Chinese, and Portuguese. Viviana started her career in Macau-based newspapers, where she became passionate about the region's social, financial, and cultural development. Her writing focuses on the economy, emerging industries, gaming development, political affairs, and cross cultural-exchange in the business and cultural domains. She is avid for news and eager to discover and cover stories that generate public relevance.

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