PORTS magnate Enrique Razon Jr. is set to acquire a 75-percent stake in Active Alliance Inc., fuelling speculation that it may be the prospective backdoor listing vehicle for his tourism venture.
In a disclosure to the Philippine Stock Exchange, AAI, owned by Bienvenido Tan 3rd, said its five stockholders, including Wespac Holdings Inc., agreed to sell 60 million shares in the company to Prime Metroline Transit Corp. (PMTC) for P200 million.
The transaction is subject to compliance of certain conditions to closing, including the completion of due diligence and compliance with or exemption from the mandatory tender offer. PMTC is controlled by Razon, who owns International Container Terminal Services Inc. and Bloomsbury Investments.
According to market rumors, Razon may use AAI for the backdoor listing of Bloomsbury, which is building a $1.2-billion integrated casino and tourism facility at the Pagcor City.
Bloomsbury is one of four groups that have been granted licenses to build hotels and casinos in the area. Razon was earlier rumored to be eyeing IPVG Corp. On Tuesday, the PSE approved AAI’s request for a voluntary trading suspension ahead of Wednesday’s announcement.
In the sessions leading to the trading suspension, shares in AAI surged to P76 apiece on Monday from P6.10 on November 10. AAI is engaged in the manufacture of electronic devices, specifically the assembly of printed circuit boards, which are the backbones of electronic devices. It operates within the Subic Bay Freeport Zone.
In 2003, the company decided to temporarily cease its electronic manufacturing operations because of uncertainty in the industry. Two years later, its majority shareholders entered into an agreement with Wespac Holdings Inc. for the sale of 67.82 million AAI shares for P130.89 million.
