Belle hires CLSA to evaluate Sinophil stake sale

Belle Corp said it has hired CLSA to evaluate the sale of a portion of its stake in Sinophil, which was spun off into a separate unit to control the group’s gaming assets earlier this year.
“CLSA has been tasked to study the feasibility of such a sale of shares and if feasible to study options to optimize the liquidity of Sinophil shares and maximize value to Belle’s shareholders,” the company said in a Philippine Stock Exchange filing.
Belle, which is developing the City of Dreams Manila with Melco Crown Entertainment, last month confirmed that it was planning to sell off some of Sinophil to broaden the company’s shareholder base. It also said it has been in talks to acquire more land with a view to potentially expanding the City of Dreams project in Manila’s Entertainment City.
Belle is the majority shareholder in Sinophil with a 50.42 percent stake.