Belle to buy $207.6 mln of Sinophil stock in gaming spinoff

    Belle Corp has said it will pay 9.11 billion pesos ($207.6 million) to subscribe for shares in its Sinophil subsidiary in a spinoff of the gaming assets of the group.
    In a disclosure to the Philippine Stock Exchange, Belle said it would subscribe to 24.70 billion common shares in a proposed capital increase from Sinophil at a price of P0.369 per share. The subscription price represents a significant discount to Sinophil’s current trading price of P1.17 per share and is equivalent to the 30-day volume weighted average price of the shares of the company prior to the date of the subscription plus a premium of 5 percent, it said.
    Sinophil will use 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.
    Belle said Sinophil, which has effectively been a dormant holding company, would now be at the forefront of a “very profitable (based on the performance of the companies currently in the Philippine gaming market) industry.”
    PLAI is part of the consortium that holds the license for City of Dreams Manila, the integrated resort that Belle and Melco Crown Philippines are building at the Entertainment City of state-run Philippine Amusement and Gaming Corp (Pagcor).
    Belle will continue to receive rental income from the COD project.