PACIFIC ONLINE Systems Corp. (LOTO), a gaming and technology firm, has purchased 200 million treasury shares of Belle Corp., a developer of leisure, residential, and casino properties, at P1.40 per share in a P280-million transaction.
The deal follows Belle’s board approval of the sale and slightly increases the listed firm’s public float.
“Pacific Online shall provide the other details of its acquisition of part of Belle’s treasury shares through its filing of the requisite Material Related Party Transactions disclosure as this transaction is valued at more than 10% of the Company’s total consolidated assets based on its latest audited financial statements,” the company said in a disclosure on Thursday.
Belle Corp. said on Wednesday that its board approved the sale of up to 200 million treasury shares to raise fresh capital, which will be partly used for forthcoming projects.
“The sale of treasury shares will be done through the facilities of the Philippine Stock Exchange based, at the minimum, at prevailing market prices at the time of the sale,” the company added.
If fully subscribed, the transaction would increase Belle’s public float by roughly 1.12%, from 44.59%.
Belle, a portfolio investment of SM Investments Corp., develops club, golf, and residential facilities at Tagaytay Highlands and Tagaytay Midlands in Tagaytay City. Its subsidiary Premium Leisure Corp. oversees operations at the luxury casino resort City of Dreams Manila.
At the local bourse on Thursday, Belle rose 0.71% to P1.41, or up P0.01, while Pacific Online gained 0.6% to P1.69, also up P0.01. — Alexandria Grace C. Magno
