GGRAsia – Sinophil name change approved by Philippine regulator

Sinophil name change approved by Philippine regulator

Sep 10, 2014 Newsdesk Latest News, Philippines, Top of the deck

Philippine-based Sinophil Corp announced on Wednesday that the country’s Securities and Exchange Commission approved the change of the company’s name to Premium Leisure Corp.

The announcement was made on a filing to Philippine Stock Exchange. The approval was received on September 5, the document said.

The company’s stock symbol has changed from SINO to PLC.

The new name is part of a wider move by Sinophil’s parent company, Philippine casino investor Belle Corp, to reorganise its gaming assets under Sinophil, including its 100-percent ownership of Premium Leisure and Amusement Inc. The latter firm is one of the partners in the City of Dreams Manila casino resort (pictured in an artist’s rendering), a joint venture with Macau-based casino operator Melco Crown Entertainment Ltd.

The casino property is forecast to open in the fourth quarter of this year.

Meanwhile, Belle is currently considering a potential secondary offering of its share in Sinophil, although the company stated last week that no decision has yet been finalised. After the gaming asset reorganisation is completed, Belle will have enlarged its holding of Sinophil to about 90 percent via subscription to new shares.