City of Dreams Manila investor, Premium Leisure Corp. (PLC), announces that it has been informed of its parent company Belle Corporation‘s intention to undertake a mandatory tender offer. This offer aims to facilitate the voluntary delisting of PLC shares from the Philippine Stock Exchange, Inc. (PSE).
The proposal for the mandatory tender offer was officially approved by the Board of Directors on Monday, March 11th, 2024, encompassing all outstanding common shares of PLC.
PLC has stated that the tender offer price will be determined upon the receipt and acceptance by the Board of the fairness opinion report provided by First Metro Investments Corporation.
Moreover, during a special meeting of its Board of Directors on the same date, PLC approved the voluntary delisting of its shares from the PSE, ‘subject to the successful tender offer by Belle and in accordance with the requirements of the PSE for voluntary delisting.’
In the same filing to the PSE, ‘Belle Corporation will act as the proponent for the voluntary delisting of PLC,’ it noted.
According to the latest financial results, PLC recorded impressive growth in 2023, with its gaming revenue share experiencing a 50 percent increase, reaching PHP2.34 billion ($42 million).
PLC saw a 41 percent growth in its consolidated revenues for 2023, totaling PHP2.94 billion ($52 million).
