Philippine Stock Exchange approves Premium Leisure delisting

07/03/24

Premium Leisure Corp. shares were suspended in May.

The Philippines.- The Philippine Stock Exchange (PSE) has confirmed the voluntary delisting of Premium Leisure Corp. (PLC) effective July 9. This decision follows the suspension of PLC’s trading activities on May 7, prompted by a tender offer from its parent company, Belle Corp, which now holds a 99.55 per cent stake.

The tender offer, which closed on May 9, saw Belle Corp purchase slightly over 6.17bn shares at PHP0.85 each (US$0.014), amounting to nearly PHP5.25bn (US$89.2m). As a result, PLC’s public float drops to 0.45 per cent, falling below the PSE’s 10 per cent minimum public ownership requirement.

PLC earns a share of gaming revenue generated at City of Dreams Manila and has a lottery operation via Pacific Online Systems. Revenue was up 41 per cent year-on-year to PHP2.33bn (US$41.6m) for the full year 2023. Net income was PHP2.33bn (US$41.6m), up 85 per cent.

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Belle Corp. Premium Leisure Corp