LRWC pursues P4.3-B private placement

MANILA, Philippines — Leisure Resorts World Corp., the listed gaming company chaired by Negros Occidental Rep. Alfredo “Albee” Benitez, will proceed with its planned private placement of shares to raise as much as P4.3 billion.

In a disclosure yesterday, LRWC said its board of directors already approved the issuance of 1.2 billion common shares from the company’s unissued capital stock.

The shares will be issued to Fortunegate Holdings Philippines Inc. (230 million shares), Millennium Pan Asia Business Management Services (230 million shares), XII Capital (230 million shares), Diamond Fortune Holdings Inc. (230 million shares), Euphonious Holdings (121 million shares) and Leisure Advantage (176.5 million shares).

 LRWC said its shareholders have already approved the transaction during a special stockholders meeting last Jan. 11.

According to the company, the issuance of the shares might have a dilutive effect to current shareholders.

LRWC has a wide array of services including management and operation of general amusement, recreation enterprises and hotel and gaming facilities.

The company is also the partner of Macau-based Galaxy Entertainment Group (GEG), which was supposed to build a casino in Boracay but this plan was taken over by events including the six-month rehabilitation of the popular tourist island.