Premier Leisure reclassified under services sector

MANILA, Philippines - The Philippine Stock Exchange (PSE) is changing the classification of Premier Leisure Corp. (PLC), formerly known as Sinophil Corp., in the trading board.

Starting Nov. 3, the local stock market operator said PLC would be part of the services sector and will be removed from the holding firms sector which it previously belonged.

“The said reclassification is in consideration of corporate developments disclosed to the exchange as well as the review of the companies’ financial statements for the year 2011 to 2013 and the first half of 2014,” the PSE said.

The PSE said under its sector classification guide, a company shall be classified into the sector and subsector that closely describes the business activity which generates at least 60 percent or more of the company’s revenue.

“For a company that has changed its core business activity, the exchange shall take into account the relevant disclosures, and the company’s plans and prospects submitted to the exchange in evaluating its sector classification,” the local bourse operator said.

The Securities and Exchange Commission approved last month the change in Sinophil’s corporate name to PLC, as well as its primary purpose to that of engagement and investment in gaming-related businesses.

PLC’s change in primary purpose came following its foray into the gaming business through the acquisition from Henry Sy-controlled Belle Corp. the 100 percent equity interest in Premium Leisure and Amusement Inc. and the equivalent of about 34.5 percent of the present outstanding capital stock of Pacific Online Systems Corp. in July this year.

“A company will be deemed to have changed its core business activity if it no longer sources majority of its revenue from its previous business activity,” the PSE said.

PLC was incorporated in 1993 as Sinophil Exploration Co., a company with oil and gas exploration and development as its primary purpose.

In 1997, the company changed its primary purpose from oil and gas exploration and development to investment holding.