THE PHILIPPINE STOCK Exchange, Inc. (PSE) said it has approved the voluntary delisting of Premium Leisure Corp. (PLC) effective July 9.
The PSE said in a circular dated June 28 that it has ordered the delisting of PLC shares from the bourse operator’s official registry (electronic board and ticker).
The PSE suspended the trading of PLC shares on May 7 following a tender offer by its parent company Belle Corp., consisting of 6.17 million PLC shares priced at 85 centavos, with a total value of P5.25 billion. The move brought PLC’s public float below the minimum requirement of the local bourse operator.
Belle Corp. is engaged in the integrated resorts business. It is one of the portfolio investments of Sy-led conglomerate SM Investments Corp.
For its part, PLC has a stake in the City of Dreams Manila integrated entertainment and gaming complex in Parañaque City.
In a separate regulatory filing on Monday, the PSE said it secured the approval of the Securities and Exchange Commission on June 18 for the incorporation of PSE Realty, Inc. as part of diversifying its revenue stream.
A wholly owned company of the market operator, PSE Realty will have a capitalization of P1 billion and will have powers to own, hold for investment, develop, manage, and maintain “real property of all kinds.”
The PSE board approved the incorporation of PSE Realty during a meeting in December 2018. — Revin Mikhael D. Ochave
