• Bloomberry considering fund raising offshore

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    Gaming firm Bloomberry Resorts Corp. has made amendments in its articles of incorporation, which paves the way for the firm to raise funds offshore.

    A disclosure to the Philippine Stock Exchange (PSE) on Friday showed that the board of Bloom­berry has approved the amendment in the company’s articles of incorporation, including in its primary purpose the power to guarantee the obligations of its subsidiaries of affiliates or any entity in which the corporation has lawful interest.

    This amendment, according to Bloomberry, will allow it to raise funds through issuance of bonds or notes by offshore financing vehicles that it will guarantee.

    “This is a mode of raising funds from international investors that
    many companies listed in the Philippine Stock Exchange has used in recent years,” the disclosure explained.

    The gaming firm further mentioned that the amendment will be submitted for approval in the annual stockholders meeting of Bloomberry on June 24, 2013.

    Late last year, Bloomberry, through its shares in Prime Metro­line Holdings Inc. (PMHI), sold 921.18 million shares to Global Gaming Philippines LLC (GGAM), the management services provider in Bloomberry’s Solaire Manila casino hotel project.

    Regarding the exercise by GGAM of its option to purchase 921.18 million shares in Bloom­berry shares from PMHI, Bloomberry said that the shares were crossed as well via special block sale at the PSE at a price of P1.67 a share.

    Madelaine B. Miraflor

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