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SM Group announces restructuring of gaming assets

The SM Group has unveiled plans to restructure its publicly-listed gaming assets, with Premium Leisure Corp. (PLC) to be privatized.

According to the Philippine Inquirer, PLC, which holds interests in the prominent City of Dreams Manila integrated casino and hotel situated along Manila Bay, is set to undergo privatization as part of this restructuring initiative.

PLC, currently under the control of listed Belle Corp.—a key player in the portfolio companies of the Sy-led conglomerate SM Investments Corp.—revealed its intentions on Monday to voluntarily delist from the Philippine Stock Exchange, signaling a pivotal shift in its operational structure.

The announcement came alongside the disclosure that Belle Corp. will initiate a tender offer aimed at acquiring the shares held by minority stockholders, constituting approximately 20.1 percent of PLC.

This move underscores the conglomerate’s commitment to streamlining its gaming assets and consolidating control over PLC, a company that transitioned into the gaming sector in 2014 following the infusion of gaming assets that eventually formed City of Dreams Manila.

The tender offer price is slated to be determined through a comprehensive third-party valuation study, which will be conducted by First Metro Investments Corp., a reputable financial services firm with extensive expertise in valuation methodologies.

PLC’s wholly-owned subsidiary Premium Leisure and Amusement Inc. is part of the Belle and SM Investments consortium that holds the gaming license for the City of Dreams Manila.

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