The public float of Philippine casino operator and developer Bloomberry Resorts Corp has risen to 37.17 percent, from 33.94 percent, following a share placing and subscription transaction. The company raised PHP5.59 billion (US$98.3 million) in fresh funds, according to Friday filings to the Philippine Stock Exchange.
After deducting placing commissions, market charges, lawyers fees, and other expenses related to the exercise, aggregate net proceeds was approximately PHP5.49 billion.
Bloomberry operates the Solaire Resort and Casino property (pictured) in the Metro Manila region. The company is also developing a casino resort project in Vertis, at Quezon City, expected to open next year.
The company said it intends to use the net proceeds “for debt service”. It expects to fully disburse the proceeds “by March 2024,” it added.
The firm had a fortnight ago announced the fund raising exercise, involving its controlling shareholder, Quasar Holdings Inc. The latter is owned by Philippine billionaire Enrique Razon, who is also chairman and chief executive of Bloomberry.
According to the filings, Quasar Holdings sold 559 million of its shares in Bloomberry at PHP10.00 apiece. Concurrently, Bloomberry issued to Quasar Holdings 559 million new shares “at the same price as the shares sold” by the controlling shareholder.
Bloomberry has now more than 11.59 billion issued shares, and its foreign ownership level rose to 26.58 percent, from 25.12 percent.
According to Morgan Stanley Asia Ltd, following the transaction, Mr Razon’s stake in Bloomberry would decline from 65.5 percent to 62.3 percent. The institution stated that the deal would be “positive for share liquidity”.
The casino operator had said that the transaction “intended to strengthen and broaden the capital base of Bloomberry, as well as to promote a wider dispersion of [its] shares to a broad spectrum of institutional investors.”
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