Listed hotel and recreation firm Leisure and Resorts World Corp.’s (LRWC) board approved the company’s plan to sell about 250-million preferred shares, which will require regulatory approvals.
In a regular meeting held on Friday, the board of directors of LRWC approved the company’s plan to offer 250-million perpetual preferred shares with 12.5 million detachable warrants issued free of charge, as well as the 12.5 million underlying common shares.
The company will seek approval of the Securities and Exchange Commission and Philippine Stock Exchange for the share issuance.
Earlier, LRWC said that it is on the lookout for more existing hotels and casino establishments to add to its portfolio.
“We are always on the lookout for opportunities especially in the gaming area. We think the gaming industry is a growth industry in the Philippines,” said Reynaldo Bantug, LRWC chairman and president, in an interview with reporters in late July.
Bantug even specified that the company is always keen on looking for more acquisition opportunities, especially hotels where gaming facilities operated by Philippine Amusement and Gaming Corp. are located.
LRWC purchased significant interest in hotel and casino development Midas Hotel in Pasay in November 2012.