GGRAsia – Bloomberry unit buys more stock as patron rewards

Bloomberry unit buys more stock as patron rewards

Jun 11, 2018 Newsdesk Latest News, Philippines, Top of the deck

Bloomberry Resorts and Hotels Inc, the operator of the Solaire Casino and Resort (pictured) in Manila, the Philippines, spent nearly PHP3.27 million (US$61,500) in Monday market transactions in its latest initiative to give stock in its parent Bloomberry Resorts Corp to “loyal patrons”.

The same day, it disposed of 273,000 shares valued at PHP11.00 per unit – to an aggregate value of just over PHP3 million – to such customers.

The Monday on-market purchases had involved 300,000 units of Bloomberry Resorts Corp stock at prices ranging from PHP10.74 per unit to PHP10.98, said a Monday afternoon filing by Bloomberry Resorts Corp.

A June 6 resolution from the board of Bloomberry Resorts and Hotels authorised it to buy up to 1.5 million shares in the parent, via the Philippine Stock Exchange – at market price – to “be given as a reward to Solaire’s loyal patrons and as part of Solaire’s marketing programme”.

A Monday morning filing from Bloomberry Resorts Corp had said that as of June 8, Bloomberry Resorts and Hotels had bought 300,000 shares at prices ranging from PHP11.12 per unit, to PHP11.18 per unit, in pursuit of the reward programme. The total value was just over PHP3.34 million.

Bloomberry Resorts and Hotels announced in January it had acquired 382,900 shares in the parent firm for distribution to customers.

The parent saw its first-quarter profit rise 72.7 percent year-on-year, to nearly PHP3.70 billion, on record quarterly earnings before interest, taxation, depreciation and amortisation.

(Updated 10.22 June 12)