• Premium Leisure to raise $121M from sale of 3.2B shares

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    HENRY SY-led gaming firm Premium Leisure Corp. is set to raise $121 million or P5.38 billion in fresh funds from the sale of 3.263 billion common shares at the conclusion of a 10-day roadshow.

    Premium Leisure, formerly Sinophil Corp., voluntarily suspended its shares trading on September 19 to give way to a roadshow from September 19 to 26 to market its shares to investors. The stock last traded at P1.84 apiece.

    In a statement, the company said it entered into a “placing agreement” with its joint global bookrunners CLSA Limited, Credit Suisse (Singapore) Limited, and Macquarie Capital (Singapore) Pte Limited to sell a total of 3.263 billion common shares.

    The Premium Leisure shares were priced lower at P1.65 each from P1.84 per share 10 days ago, in accordance with the price agreed by the selling shareholders and the joint global bookrunners.

    “The offer shares are intended to be crossed through the Philippine Stock Exchange (PSE) on September 29 upon execution of a block sale through the PSE.

    Settlement for the offer shares is anticipated to occur on October 2,” Premium Leisure said, citing a 30-day stabilization period for share prices after the block sale.

    The Premium Leisure shares to be sold belong to different Sy-led firms that include Belle Corp. (3 billion shares), Foundation Capital Resources Inc. (156.53 million shares), Parallax Resources Inc. (13.82 million shares), and APC Group Inc. (90 million shares).

    On top of the 3.263 billion common shares to be offered, an additional 489.556 million shares from Belle will be used in case of an oversubscription.

    CLSA is the sole global coordinator for the sale, while the joint global bookrunners are CLSA , Credit Suisse (Singapore), and Macquarie Capital (Singapore).

    The block sale is in line with the company’s reorganization, which turns the firm into a gaming subsidiary of Sy-led Belle where all of Belle’s casino and entertainment assets will be poured into Sinophil. Belle, in turn, will hold the property assets where the entertainment businesses are located.

    On September 5, the Securities and Exchange Commission approved the company’s name change to Premium Leisure from Sinophil, as well as its purpose to become a gaming investment unit of Belle.

    On June 2, the firm’s board of directors agreed to turn the company into a “gaming vehicle” of Belle, which is owned by the Sy family and an affiliate of the SM group of companies.

    Belle’s gaming assets that were transferred to Premium Leisure include its 100 percent stake in Premium Leisure Amusements Inc. and its 34.5 percent interests in Pacific Online Systems Corp.

    Besides 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

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