Sy-owned Belle to sell $200-million shares

MANILA, Philippines – Sy-owned property firm Belle Corporation plans to sell as much as $200 million worth of shares in gaming unit Sinophil Corporation to improve liquidity and widen the public ownership of the stock.

Belle vice chairman Willy Ocier said the company might generate between $150 million and $200 million through the share sale. He did not provide a timetable for the capital-raising exercise.

“There is really no urgent need do the placement for cash raising purposes, except it may be good to provide liquidity and widen research coverage for the stock. $150 million to $200 million would a reasonable placement amount,” Ocier said.

Belle, in a disclosure to the Philippine Stock Exchange, said it engaged the services of CLSA Limited to sell a portion of its current equity ownership in Sinophil subject to market conditions.

“CLSA has been tasked to study the feasibility of such sale of shares and, if feasible, to study options to optimize the liquidity of the Sinophil shares and maximize value to Belle’s shareholders,” Belle said.

Ocier also clarified that Sinophil currently has capital expenditure requirements.

Belle owns a 90% stake in Sinophil. It earlier said it might sell 20% to 30% stake to widen the company’s public float.

“We don’t need to own 90%. We will be happy with 60%-70% stake,” Ocier said.

Sinophil, which will soon be renamed to Premium Leisure Amusement Inc., earlier acquired Belle’s 100% stake in Premium Leisure Amusement Inc. (PLAI) and 34.5% interest in lotto operator Pacific Online Systems Corporation.

PLAI is part of the consortium that holds the PAGCOR license for “City of Dreams Manila” to be operated by Melco Crown Philippines and located in PAGCOR Entertainment City.

Pacific Online, on the other hand, holds the exclusive license to distribute equipment for lotto operations in the Visayas and Mindanao.

Belle, on the other hand, will get Sinophil’s property assets including membership shares in Tagaytay Midlands Golf Club Inc., a lot located within the ASEAN Business Park at the Manila Bay Reclamation area; several parcels of land in Tagaytay; and an undeveloped land location in Tanauan City, Batangas.

Belle will also continue to develop its other assets, particularly the Tagaytay Highlands and Midlands complexes. – Rappler.com