Belle Corp, the parent company of Premium Leisure Corp (PLC), has announced a streamlining of operations by decreasing its number of directors.
In a recent dispatch to the Philippine Stock Exchange, Belle Corp proposed to cut the number of directors of the corporation from nine to seven, a reduction the Corporation’s Board said will increase the ratio of independent directors to regular directors.
‘Also, this will be in line with the Corporation’s efforts to streamline its operations throughout the organization as current level of operations of the Corporation does not require an expanded membership in its Board of Directors,’ Belle Corp pointed out
This proposed amendment will be presented for shareholder approval at the upcoming annual meeting.
Recently, Belle Corp successfully tendered all outstanding common shares of PLC, aiming for its voluntary delisting from the Philippine Stock Exchange.
PLC, in partnership with Melco Resorts & Entertainment, operates the City of Dreams integrated resort in Entertainment City.
