BELLE Corp. has sold its 16.03-percent interest in Pacific Online Systems Corp. to its casino-centered subsidiary Premium Leisure Corp. (PLC) in a bid to turn over all the gaming-related assets to PLC.
In two separate disclosures to the stock exchange, the Sy-led firms Belle and PLC said the sale of 47.851- million Pacific Online shares priced at P20.90 apiece was done on Wednesday. The transaction value amounted to P1 billion.
PLC will pay Belle P1 billion in cash, which will be used mostly for debt repayment.
Pacific Online is the online lottery system provider of the Philippine Charity Sweepstakes Office (PCSO) in the Visayas and Mindanao. It has more than 4,500 betting terminals of various lottery games, on top of the 1,500 terminals of subsidiary Total Gaming Technologies Inc. for the PCSO Keno games.
The transaction was in line with the Sy Group’s reorganization program to transfer all gaming-related assets and activities to PLC from Belle, making PLC a subsidiary of Belle.
Last year, Belle consolidated its casino gaming assets into PLC – formerly Sinophil Corp. – which made PLC the “gaming vehicle” of the Sy family and Belle the group’s real estate arm.
Belle is part-operator of the $1-billion City of Dreams Manila, with PLC handling the casino and gaming operations. Belle owns the titles and rights to the parcel of land where the integrated entertainment complex is situated.
City of Dreams Manila partly opened in December 2014 before a full opening last February 2. It is owned and led by Melco Crown (Philippines) Resorts Corp. in partnership with the Sy Group.
PLC is the gaming subsidiary of Belle Corp., which in turn is an affiliate of the Sy-led SM Investments Corp., SM Prime Holdings Inc., and BDO Unibank Inc.