Philippines-listed casino operator Bloomberry Resorts Corp announced in a Monday filing a change in the shareholdings of the company’s president and chief operating officer, Thomas Arasi (pictured), as a result of vested shares under Bloomberry’s stock incentive plan.
Mr Arasi got nearly 9.3 million shares, priced at PHP7.78 (US$0.13) each, according to the announcement.
Following the transaction, Mr Arasi now directly owns circa 16.6 million shares in Bloomberry. He indirectly controls another 21.9 million shares in the company, stated the filing.
In April 2022, Bloomberry’s board agreed to extended for 10 years – from May 24, 2022 – the company’s stock incentive plan.
At the time, the plan was amended to exclude directors from the coverage of the stock incentive plan, “provided that directors who are officers or who are given executive function” were “not disqualified to receive stock incentive plan shares as an executive”.
The firm’s stock incentive plan does not grant a stock option, but instead “a grant of shares as a form of additional compensation to its eligible recipients,” according to the company.
Bloomberry runs Solaire Resort & Casino in the Philippine capital Manila, and in May opened Solaire Resort North, another gaming complex in Quezon City, northeast of Manila.
Earlier this year, Enrique Razon, Bloomberry’s chairman and chief executive, said the company would focus on ramping up the operations of Solaire Resort North before starting other projects, including Phase 2 of Solaire Resort & Casino, in Manila, and the Cavite project.
In August, the company reported consolidated net income of just under PHP1.34 billion for the three months to June 30. The firm also said it was establishing an “annual dividend policy”.
Last week, Bloomberry announced a PHP72.0-billion syndicated refinancing facility with a group of banks, which Morgan Stanley Asia Ltd said “should help earnings and cash flow”.
