MANILA, Philippines - Active Alliance Inc., a listed firm recently taken over by ports magnate Enrique K. Razon, is raising its authorized capital to P15 billion from a meager P120 million.
In a disclosure to the stock exchange, Active Alliance said the new capitalization will consist of 15 billion common shares.
Active Alliance said its board likewise approved the change of its corporate name and primary purpose from a manufacturing company to a holding company.
Also approved was a plan to move the company’s principal office from Olongapo to Metro Manila.
Active Alliance will be the vehicle for the backdoor listing of Razon’s Bloombery, which is building a $1-billion integrated casino resort at the Entertainment City complex along Manila Bay.
Razon acquired 75 percent of Active Alliance from five of the company’s stockholders, including Wespac Holdings Inc., for P3.33 each share or a total of P200 million.
The project, covering an area of 8.3 hectares, features a five-star hotel, casino and gaming facilities, state-of-the-art meeting and convention venues, high-end retail and fine dining outlets, and health and wellness facilities. Retail, dining and entertainment areas are being expanded to complement the complex’s offering of a first-class resort experience.
The first phase of the project (consisting of the hotel and casino) is slated for opening by October 2012.
Bloombery is one of four groups issued licenses to develop 120 hectares of prime reclaimed land along Roxas Blvd. in line with the Philippine Amusement and Gaming Corp.’s goal to catapult the Philippines as one of the premier tourist destinations in the region and the world, and boost the country’s gaming revenue currently at about $800 million per year.