Shares of Premium Leisure Corp. (PLC), the Sy-controlled gaming firm, were suspended for trading starting Monday after it announced its decision to voluntary delist from the Philippine Stock Exchange (PSE).
Belle Corp., which already owns 78.74 percent of PLC, has launched a mandatory tender offer on all of shares of Premium Leisure that it does not own.
“The tender offer price is to be determined upon receipt and acceptance by the BEL board of the fairness opinion report of First Metro Investments Corp. (FMIC),” the company said.
FMIC is the independent third party hired to conduct the valuation study and issue a fairness opinion report. PLC owns 100 percent equity investment in Premium Leisure and Amusement Inc., which is a grantee by the Philippine Amusement and Gaming Corp. (Pagcor) of certificate of affiliations and provisional license to operate integrated resorts, including casinos, in the vicinity of the Pagcor Entertainment City.
The license runs concurrent with Pagcor’s Congressional franchise, which expires in 2033. Congress can renew the franchise for another 25 years.
The company also owns a 50.10-percent controlling interest 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 regions.
PLC said its income rose 85 percent to P2.32 billion last year from the previous year’s P1.56 billion due to “significantly enhanced mass and VIP operations at the City of Dreams Manila.”
Revenues grew 41 percent to P2.94 billion from the previous year’s P2.08 billion.
The company’s gaming revenue share through its wholly owned subsidiary Premium Leisure and Amusement jumped by 50 percent to P2.33 billion from P1.56 billion in 2022.
Meanwhile, Pacific Online had a net income of P275 million in 2023, up by 44 percent higher from the previous year’s P191 million.