Belle may sell down stake in Sinophil

    Philippine property developer Belle Corp may sell between a 20 and 30 percent stake in gaming firm Sinophil Corp to improve liquidity and widen public ownership of the stock, the Philippine Star newspaper quoted a senior Belle executive as saying.
    Belle, which has partnered with Melco Crown in the Manila City of Dreams project, recently spun off its gaming assets into Sinophil, which had largely been a dormant holding company.
    Belle paid 9.11 billion pesos ($207.6 million) to subscribe for shares in Sinophil as part of the transaction.
    Sinophil used the proceeds to buy Belle’s 100 percent stake in Premium Leisure Amusements Inc (PLAI) and its 34.5 percent stake in Pacific Online Systems Corp.
    Last week, Sinophil said it swung to a profit in the three months to end June as gross revenue surged.
    The company had a profit of 1.22 billion pesos, compared with a loss of 4.1 million pesos in the year earlier quarter.
    Net income came in at 1.22 billion pesos ($28 million) compared with 199 pesos in the prior period.