Premium Leisure Corp to voluntarily delist from Philippine Stock Exchange

Jenny Ortiz March 12, 2024

Premium Leisure Corp (PLC), an investor in City of Dreams Manila, has announced its intention to voluntarily delist from the Philippine Stock Exchange, Inc. (PSE).

The move follows a proposal from its parent company, Belle Corporation.

The proposal, approved by PLC’s Board of Directors on March 11, includes a mandatory tender offer encompassing all outstanding common shares of PLC.

Tender offer price to be determined

The tender offer price is yet to be determined pending the receipt and acceptance of a fairness opinion report from First Metro Investments Corporation, as stated by PLC.

Additionally, PLC’s Board of Directors, during a special meeting, approved the voluntary delisting from the PSE, contingent upon the successful tender offer by Belle and compliance with PSE’s requirements for voluntary delisting.

According to the filing submitted to the PSE, Belle Corporation will act as the proponent for PLC’s voluntary delisting.

A local media, the Philippine Daily Inquirer, reported that Willy Ocier, the chair of PLC and Belle, said the company aims to launch the tender offer by the first week of April this year.

Ocier said that there was a need to clear up the confusion about having two listed companies benefiting from the group’s gaming business.

The company holds a 50.10-percent controlling interest in Pacific Online Systems Corp., which leases online betting equipment to the Philippine Charity Sweepstakes Office for their lottery operations in the Visayas and Mindanao regions.

PLC is under the SM Group, a Filipino conglomerate with interests in various sectors.

PLC records 50% gaming revenue in 2023

Despite the delisting plans, PLC has shown impressive growth in its financial performance for 2023, with a 50 percent increase in gaming revenue share, amounting to PHP2.34 billion (€38.4 million).

The company also saw a 41 percent growth in consolidated revenues, totaling PHP2.94 billion (€47.6 million).