Belle Corp plans to delist Premium Leisure

MANILA, Philippines — Belle Corp., one of the portfolio investments of the Sy family’s SM Investments Corp. (SMIC), announced yesterday its plans to delist its subsidiary Premium Leisure Corp. (PLC) from the Philippine Stock Exchange.

Belle is set to conduct a tender offer to buy out minority shareholders in PLC.

The company, in its disclosure yesterday, said its board approved the conduct of the tender offer for the purpose of voluntary delisting PLC from the main board of the PSE.

PLC’s board in a special meeting of its own likewise gave the green light for the voluntary delisting of the company’s shares from the PSE, subject to the successful tender offer by Belle.

Belle said the mandatory tender offer is subject to the conduct of a valuation study on the PLC shares, as well as issuance of a fairness opinion by an independent third party.

First Metro Investment Corp. has been tapped to undertake the valuation study and issue a fairness opinion report.

Belle said the tender offer price, timing and other terms and conditions of the offer will be determined and finalized upon receipt and acceptance by its board of First Metro’s fairness opinion report.

In line with the announcement, PLC requested yesterday for voluntary trading suspension of its shares at the PSE until 9 a.m. today.

PLC is a subsidiary of Belle which has a partnership with Melco Crown Entertainment, which in turn operates integrated casino resort City of Dreams at the Entertainment City.

PLC owns 100 percent equity investment in Premium Leisure and Amusement Inc., a grantee by the Philippine Amusement and Gaming Corp. of certificate of affiliations and provisional license to operate integrated resorts, including casinos, in the vicinity of PAGCOR Entertainment City.

Belle, for its part, is a co-licensee and owner of the land where City of Dreams is located.