Global Gaming Asset Management (GGAM) has sold its full 8.7 percent stake in Bloomberry Resorts Corp., the operator of Solaire Resort & Casino in Manila, through a block trade, raising PHP7.42 billion ($166 million). Trading in Bloomberry’s shares was suspended after the sale,
with management saying that it needed to confirm that the new buyers would be unaffected by aribtration proceedings in the dispute between the two companies. GGAM was dismissed in September 2013 for allegedly failing to fulfil its management contract obligations. The shares were sold at a discount of between 8.1 percent and 10.9 percent compared with the stock’s closing price on Wednesday. Demand for the shares came from international long-only funds, as well as some hedge-funds, with around 60 investors participating in the transaction.