Philippine casino investor Belle Corp is now in control of almost 90 percent of Premium Leisure Corp, the subsidiary that owns the gaming interests of the group. Premium Leisure said in a regulatory filing on Wednesday that it has issued the 24.7 billion common shares subscribed to by Belle.
The increase in capital had been approved by the country’s Securities and Exchange Commission earlier this month.
As such, the public float capital of Premium Leisure – formerly known as Sinophil Corp – was reduced from 49.45 percent to 10.86 percent, the company said in the statement to the Philippine Stock Exchange.
Belle has reorganised its gaming assets, transferring its 100 percent stake in Premium Leisure and Amusement Inc and the parent’s 34.5 percent interest in Pacific Online Systems Corp to Premium Leisure. Belle, in turn, holds the property assets where the entertainment businesses are located.
Premium Leisure Amusement is one of the partners in the City of Dreams Manila casino resort (pictured in a rendering), a joint venture with Macau-based casino operator Melco Crown Entertainment Ltd.
Willy Ocier, Belle’s vice chairman and also chairman of Premium Leisure, had told GGRAsia that it was likely a portion of the 90 percent would be sold to the public. Belle has hired brokerage CLSA to “study the feasibility” of a partial sale of its current equity ownership in Premium Leisure.
Premium Leisure is reportedly already pre-marketing a follow-on share sale to expand its investor base.