Listed gaming and property firm Belle Corp. has raised P280 million from the sale of 200 million treasury shares through a block sale to generate fresh capital and monetize dormant assets.
In a disclosure, the company said its board of directors previously approved the sale of the shares, which were priced at 1.40 pesos each.
Pacific Online Systems Corp. purchased the shares for a total value of about P280 million. Belle said the proceeds would partly fund upcoming projects while allowing the firm to unlock value from treasury shares previously held on its books.
Belle, which owns the land occupied by the integrated resort and casino City of Dreams Manila, earlier announced plans to build a hotel and casino in Clark, Pampanga.
The transaction will increase Belle’s public float by 1.12 percent to approximately 45.71 percent.
In a separate disclosure, Pacific Online confirmed the acquisition of the 200 million treasury shares at the same price of P1.40 apiece. The deal is valued at more than 10 percent of the company’s total consolidated assets, based on its latest audited financial statements.
Belle’s share price closed Thursday at P1.41, up 0.71 percent. Jenniffer B. Austria
