Belle Corporation, the parent company of Premium Leisure Corp (PLC), has successfully completed a tender offer for the voluntary delisting of its subsidiary from the Philippine Stock Exchange (PSE).
According to a filing made on Monday, Premium Leisure Corp, listed in the Philippines, has submitted a petition for the voluntary delisting of its shares from the main board of the Philippine Stock Exchange, effective July 9th.
PLC is an investor in City of Dreams Manila, a casino resort in the Philippine capital operated by a unit of Melco Resorts & Entertainment Ltd., earning a share of the gaming revenue generated there through one of its units.
The intention of voluntary delisting was firstly announced in March. Belle Corp has set the price for a tender offer for all outstanding common shares of Premium Leisure at PHP0.85 each.
According to the filing made on Monday, the tender offer was concluded on May 9th. The parent company paid an aggregate amount of nearly PHP5.25 billion ($90.7 million) for slightly over 6.17 billion shares, constituting about 19.77 percent of Premium Leisure’s total issued and outstanding common stock. Consequently, Belle now holds a 99.55 percent stake in Premium Leisure.
In the first quarter of 2024, Premium Leisure recorded net income of nearly PHP279.5 million ($4.83 million), marking a 55.3 percent decrease from the previous year.
The company’s gaming revenue share from City of Dreams Manila during the same period amounted to approximately PHP401.2 million ($6.93 million), reflecting a decline of 43.9 percent compared to the corresponding period last year.
