29.6 C
Monday, May 20, 2024

Premium Leisure plans to delist shares from PSE

- Advertisement -

Premium Leisure Corp. (PLC), the listed holding company for the gaming assets of the SM Group, plans to voluntarily delist its shares from the local bourse.

PLC said in a disclosure to the stock exchange Monday its board approved in a special meeting the voluntary delisting of its shares from the Philippine Stock Exchange (PSE) after it received notice from its parent firm Sy-led Belle Corp. of a planned tender offer.

Belle said in a separate disclosure to the stock exchange its board approved the conduct of a tender offer for all outstanding common shares of PLC “for the purpose of eventually causing the filing of an application for the voluntary delisting of PLC from the Main Board of the Philippine Stock Exchange”.

Belle holds a 78.74-percent stake in PLC and has a public float of 20.08 percent.

It hired First Metro Investment Corp. (FMIC), an independent third party, to conduct the valuation study and issue a fairness opinion report.

Other terms of the tender offer, including the tender offer price, timing will be determined and finalized upon receipt and acceptance by its board of directors of the fairness opinion report of FMIC.

The delisting is still subject to the successful tender offer by Belle and in accordance with the PSE requirements of for voluntary delisting.

Meanwhile, PLC also asked the PSE to suspend the trading of its shares for one day to give the public the chance to digest this new information.

The share price of PLC on Friday closed at P0.74, a new 52-week high. Its stock has risen by 10.4 percent since the start of 2024.

PLC owns 100-percent equity investment in Premium Leisure and Amusement Inc., which is a co-licensee of resort and hotel City of Dreams. It also owns 50.1-percent stake in Pacific Online Systems Corp., which leases online betting equipment to the Philippine Charity Sweepstakes Office for their lottery operations in the Visayas and Mindanao.

Three firms applied for voluntary delisting in 2023, including 2Go Group Inc., Metro Pacific Investments Corp. and Holcim Philippines Inc.


Popular Articles