Sinophil Corp., the listed gaming unit of Belle Corp., multiplied its net losses in the first half of the year following its share swap agreement with Belle, Metroplex Group and Legend International Resorts (Hong Kong) Ltd. (LIR-HK).
Sinophil’s consolidated net loss surged to P1.217 billion in the first semester of 2014 from P5.6 million a year earlier due to impairment in its investments in LIR-HK, as well as the cancellation of 1 billion Sinophil shares held by Metroplex as the swap agreement canceled out “all obligations and reversing all transactions” signed by the four companies.
On June 2, Sinophil’s board of directors approved the company’s new role as the “gaming vehicle” of Belle as a part of its corporate reorganization.
The company said Belle transferred its entire gaming business to Sinophil, which consists of a 100 percent stake in Premium Leisure Amusements Inc. and 34.5 percent ownership of Pacific Online Systems Corp.
The firm was incorporated on November 26, 1993 as an oil and gas exploration and development company, but became an investment holding firm in 1997.
Aside from being Belle’s gaming unit, Sinophil has investments in Metro Manila Turf Club Inc., Belle Bay City Corp., Foundation Capital Resources Inc. and Sinophil Leisure and Resorts Corp.