GGRAsia – Belle postpones stockholders’ meeting due to pandemic

Belle postpones stockholders’ meeting due to pandemic

Apr 14, 2020 Newsdesk Latest News, Philippines, Top of the deck

Belle Corp, an investor in the gaming sector in the Philippines, has decided to postpone its annual stockholders’ meeting due to the Covid-19 pandemic.

The meeting was previously scheduled to take place on April 27.

Belle Corp is entitled – via its majority holding in Premium Leisure Corp – to a share of gaming revenues at City of Dreams Manila (pictured in a file photo), a casino complex in the Philippine capital operated by a unit of international casino developer Melco Resorts and Entertainment Ltd.

“Due to the ongoing Covid-19 pandemic, and after carefully weighing all aspects, the board of directors has approved the indefinite postponement of the company’s annual stockholders’ meeting,” said Belle Corp on Monday in a filing to the Philippine Stock Exchange.

The document added: “Appropriate disclosures to the exchange shall be made as soon as the board of directors has approved the new schedule which will be after the situation has normalised after the enhanced community quarantine shall have been lifted.”

The Philippine authorities have extended the anti-coronavirus lockdown of the country’s main island Luzon until April 30, according to a government statement last week.

Belle Corp reported full-year 2019 consolidated profit down 9 percent in year-on-year terms, said the firm in late February. Such profit for the 12 months last year was PHP2.92 billion (US$57.3 million), compared to PHP3.23 billion in 2018.

Belle Corp said last month that “Premium Leisure Corp’s gaming revenue from City of Dreams Manila may stall, as the Philippine Amusement and Gaming Corp [Pagcor] suspended all casino operations” in the country since March 16, as part of the nation’s lockdown to prevent the further spread locally of the Covid-19 virus.