Listed gaming firm Premium Leisure Corp., formerly Sinophil Corp., has voluntarily suspended trading of its shares for six days in order to conduct a 10-day roadshow to market its shares.
The Philippine Stock Exchange (PSE) approved Premium Leisure’s trading suspension, which began yesterday (Friday, September 19). Its shares will resume trading on Friday, September 26.
In its disclosure to the PSE, Premium Leisure said it will conduct a roadshow to meet potential investors both here and abroad who may be interested in buying into the newly-transformed company.
The trading suspension was sought “to avoid speculative trading” while the company conducts the roadshow together with two other Sy-led firms, Belle Corp. and APC Group, Inc., as well as its other subsidiaries.
The company was authorized to sell 3.76 billion shares after the roadshow to complete its corporate reorganization. Premium Leisure last traded at P1.84 per share on Thursday.
The reorganization turns the firm into a gaming subsidiary of Sy-led Belle Corp., with all of Belle’s casino and entertainment assets being shifted into the former Sinophil. Belle, in turn, will hold the property assets where the entertainment businesses are located.
On June 2, Sinophil’s board of directors agreed to turn the company into a “gaming vehicle” of Belle Corp., which is owned by the Sy family and an affiliate of the SM group of companies.
On September 5, the Securities and Exchange Commission (SEC) approved the company’s name change to Premium Leisure from Sinophil, as well as its purpose to become a gaming investment unit of Belle.
Belle’s transfer of its gaming assets to Premium Leisure consist of 100 percent of Premium Leisure Amusements Inc., and its 34.5 percent interest in Pacific Online Systems Corp.
Apart from being Belle’s gaming unit, Premium Leisure has investments in Metro Manila Turf Club Inc., Belle Bay City Corp., Foundation Capital Resources Inc., and Sinophil Leisure and Resorts Corp.