Premium Leisure asks to be delisted on July 9

May 14, 2024 Newsdesk Latest News, Philippines, Top of the deck  

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Philippines-listed Premium Leisure Corp has submitted a petition for voluntary delisting of its shares from the main board of the Philippine Stock Exchange with effect from July 9, according to a Monday filing.

The petition was submitted on May 10 to Ramon Monzon, president and chief executive of the Philippine Stock Exchange Inc.

Premium Leisure is an investor in City of Dreams Manila, a casino resort in the Philippine capital that is run by a unit of Melco Resorts & Entertainment Ltd. Premium Leisure earns a share – via one of its units – of the gaming revenue generated at City of Dreams Manila.

Premium Leisure is linked to Belle Corp, also a Philippine Stock Exchange-listed company.

In March, Belle announced it aimed to apply for the “voluntary delisting” of Premium Leisure from the main board of the country’s bourse. The parent company priced a tender offer for all of the outstanding common shares of Premium Leisure at PHP0.85 apiece.

The tender offer was completed on May 9, according to Monday’s filing.

The parent paid an aggregate consideration of just under PHP5.25 billion (US$90.7 million) for just above 6.17 billion shares – or about 19.77 percent – of the total issued and outstanding common stock of Premium Leisure. As a result, Belle now controls 99.55 percent of Premium Leisure.

Premium Leisure reported net income of just under PHP279.5 million for the first quarter of 2024, down 55.3 percent from a year ago. The company said its gaming revenue share from City of Dreams Manila in the first three months of 2024 stood at PHP401.2 million, a decline of 43.9 percent from the prior-year period.

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