GGRAsia – No final plans on Sinophil share sale: Belle

No final plans on Sinophil share sale: Belle

Sep 05, 2014 Newsdesk Latest News, Philippines, Top of the deck

Philippine casino investor Belle Corp on Friday told the Philippine Stock Exchange it has not decided on the “timing or size of any potential secondary offering” for its shares in Sinophil Corp.

On Wednesday financial media outlets reported Sinophil had started pre-marketing such an exercise.

But on Friday the parent Belle said in a filing: “The company is working closely with [brokerage] CLSA to review its options, but no details have been decided or finalised at this time regarding the timing and size of any potential secondary offering.”

Belle announced in June it would reorganise its gaming assets under Sinophil, including Belle’s 100-percent ownership of Premium Leisure and Amusement Inc (PLAI). The latter firm holds the casino licence for the City of Dreams Manila gaming resort (pictured in an artist’s rendering).

Sinophil is set to earn money from the under-construction City of Dreams Manila via PLAI.

City of Dreams Manila is Belle’s joint venture project with Macau-based casino operator Melco Crown Entertainment Ltd. The casino property is forecast to open in the fourth quarter of this year.

Sinophil is currently awaiting regulatory approval for a change of name to Premium Leisure Corp. On Monday it announced it would adopt a dividend policy of “paying at least 80 percent of [the] previous year’s unrestricted retained earnings”.

Monday’s announcement said Belle currently had 50.4 percent of Sinophil but was due to enlarge its holding to about 90 percent via subscription to new shares.

Willy Ocier, Belle’s vice chairman and also chairman of Sinophil, on July 21 told GGRAsia that is was “not necessary” for Belle to own 90 percent of Sinophil, and that it was likely a portion of the 90 percent (as eventually enlarged) would be sold to the public.

In July Belle Corp sold to Sinophil for approximately PHP10.85 billion (US$250.6 million) in cash its equity interest in PLAI.