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.
