Prime Metroline Holdings Inc, the holding company of Philippine businessman Enrique Razon, sold 350 million shares in Philippines-based casino operator Bloomberry Resorts Corp for an aggregate amount of approximately PHP3.8 billion (US$74.7 million).
The 350 million shares represent a 3.18-percent stake in Bloomberry Resorts, the firm said in a Tuesday filing to the Philippine Stock Exchange.
Prime Metroline remains the largest shareholder in the casino operator, with a 65.58-percent interest in the company. Mr Razon is also chairman and chief executive of Bloomberry, operator of Solaire Resort and Casino (pictured) in Manila.
The shares were placed to international institutional investors at an 8 percent discount to the company’s volume weighted average price on Monday, said Bloomberry Resorts. The shares were sold at PHP10.85 apiece.
Goldman Sachs (Singapore) Pte was the sole placement agent for this transaction, according to the filing.
“I am very confident of the prospects for Bloomberry. I believe that the increased liquidity in the stock will be beneficial for investors and the company,” said Mr Razon in a prepared statement included in the filing.
Bloomberry Resorts posted a consolidated net profit of PHP1.97 billion for the second quarter of 2017, up 46.8 percent from the prior-year period.
