Bell Price Tender Offer To delist Premium Leisure
Philippines-listed Belle Corp said Wednesday it is pricing an open offer on all outstanding common shares of its gaming division Premium Leasure Corp at 0.85 PHP per share, or US$0.015 per share.
Bell said on March 11 it aims to apply to the board of the Philippine Stock Exchange for “voluntary delisting” of premium leisure.
Premium Leisure is an investor in City of Dreams Manila, a casino resort in the Philippine capital operated by a subsidiary of Melco Resorts & Entertainment Ltd. Belle is earning a portion of the gaming revenue generated by City of Dreams Manila through Premium Leisure.
Bell’s casino revenue rose 49.9% year-over-year to nearly 2.34 billion PHP ($41.7 million) in 2023 as a share of its gaming business in City of Dreams Manila.
On Wednesday, the Philippine Stock Exchange approved Bell’s request to suspend voluntary trading of its shares, and it was expected to disclose it “in view of important information.”
The tender offer period will run through Friday, April 24, 2024 (March 22). The payment and settlement of the tender shares will run from April 25 to May 9, according to Wednesday’s disclosure.
Under Philippine Stock Exchange rules, Belle must receive and accept offers for at least 95% of the issued capital of Premium Leisure for delisting to proceed.
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