MAGNATE Enrique Razon Jr. announced on Tuesday that he had sold 350 million shares in Bloomberry Resorts Corp., equivalent to a 3.18 percent stake, to international institutional investors for P3.8 billion.
Tshares were sold through holding firm Prime Metroline Holdings Corp. via overnight placement at P10.85 apiece, an 8 percent discount to the volume weighted average price.
“I am very confident of the prospects for Bloomberry. I believe that the increased liquidity in the stock will be beneficial for investors and the company,” Razon told the Philippine Stock Exchange.
Goldman Sachs (Singapore) Pte. was tapped as the sole placement agent for the issuance.
Razon’s Prime Metroline remains Bloomberry’s largest shareholder with a 65.58 percent stake following the transaction.
Bloomberry is the owner and operator (through its subsidiaries) of Manila’s Solaire Resort and Casino and Jeju Sun hotel casino on Jeju Island in South Korea.
Razon is also chairman and chief executive officer of Philippine-listed ports giant International Container Terminal Services, Inc. (ICTSI).