Belle to buy back P1-B shares to support stock price

MANILA, Philippines - Henry Sy-led Belle Corp. is buying back P1 billion worth of shares from the market to support its stock price.

In a disclosure to the Philippine Stock Exchange, the listed gaming and leisure estate company said its board of directors approved to buy from the market the company’s shares of up to an aggregate value of P1 billion.

“The foregoing approval by the board of directors is subject to applicable regulatory compliances,” Belle said.
Belle’s share prices closed at P4.50 on Tuesday and P4.62 yesterday. Its 52-week low was at P4.41.

The company’s profits fell almost half in the first nine months last year to P1.86 billion from P3.43 billion due to higher non-recurring items in 2013.

Belle said it has been devoting significant resources to the development activities connected with its integrated resort project located at the Aseana Business Park in Paranaque City,  the newly-opened City of Dreams Manila.

City of Dreams Manila is operated by Macau-based casino giant Melco Crown Entertainment Ltd based on an operating agreement with Belle and Premium Leisure and Amusement Inc. 
The second of four resort-casinos in Entertainment City soft opened last month and is gearing up for a grand launch early next month.