PSE approves delisting of Premium Leisure

MANILA, Philippines — Premium Leisure Corp. (PLC) will become a private company by next week as it bids farewell to the Philippine Stock Exchange.

The PSE has approved the voluntary delisting of the listed firm engaged in gaming-related businesses on July 9.

Last March, the board of directors of Belle Corp. approved the conduct of a tender offer of PLC shares in connection with the voluntary delisting of the latter.

The company’s stockholders approved the voluntary delisting last April.

Following the completion of the tender offer, Belle’s resulting shareholdings stood at 31.08 billion common shares or 99.55 percent of the total outstanding capital stock of PLC.

This resulted in PLC’s public float falling below the prescribed minimum percentage requirement.

The PSE implemented a trading suspension on the shares of PLC effective May 7, 2024 following the completion of the tender offer, which caused the company’s public float to fall below the 10 percent minimum public ownership level required under the amended rule on minimum public ownership.

PLC is a subsidiary of Belle, which has a partnership with Melco Crown Entertainment that operates integrated casino resort City of Dreams at the Entertainment City.

 PLC owns 100 percent equity investment in Premium Leisure and Amusement Inc., a grantee by the Philippine Amusement and Gaming Corp. of certificate of affiliations and provisional license to operate integrated resorts, including casinos, in the vicinity of PAGCOR Entertainment City.

Belle, one of the portfolio investments of the Sy family’s SM Investments Corp., is a co-licensee and owner of the land where the City of Dreams is located.