Philippines real estate firm Belle Corp has announced plans to acquire all outstanding common shares of its majority-owned subsidiary Premium Leisure Corp (PLC) with a view to delisting the entity from the Philippine Stock Exchange.
In a Monday filing, Belle Corp said its Board of Directors had devised to conduct a tender offer for the shares, and would eventually file an application for the voluntary delisting of PLC pending a valuation study on the PLC shares and the issuance of a fairness opinion by an independent third party.
The company did not detail the reasons for delisting PLC, which holds a lucrative revenue share agreement with Melco Resorts & Entertainment related to the lease of land owned by Belle Corp upon which City of Dreams Manila sits. PLC also owns Pacific Online Systems Corp (POSC) – which provides lottery terminals and software for the Philippine Charity Sweepstakes Office (PCSO).
In a separate filing, PLC said its Board of Directors has approved the voluntary delisting of its shares from the Philippine Stock Exchange, subject to the successful tender offer by Belle Corp.
Belle Corp said the “tender offer price, timing, and other terms and conditions … shall be determined and finalized upon receipt and acceptance by the Board of Directors of Belle of a fairness opinion report.”
IAG has reached out to PLC for comment.
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