Razon trims stake in Bloomberry

Gaming tycoon Enrique Razon Jr. FILE PHOTO

Business tycoon Enrique Razon Jr. has sold around P3.8 billion worth of shares in Bloomberry Resorts Corp. to institutional investors, widening the public ownership of this integrated gaming resort developer.

Based on a disclosure to the Philippine Stock Exchange on Tuesday, the Bloomberry chair and controlling stockholder’s holding firm Prime Metroline Holdings Inc. placed out 350 million shares at P10.85 per share representing 3.18 percent of his stake to institutional investors through an overnight placement deal.

The shares of Bloomberry – owner and operator of Solaire Resort & Casino, the first integrated resort to open at Pagcor Entertainment City along Manila Bay – were sold to international institutional investors at an 8 percent discount to the company’s volume-weighted average price on Monday, Sept. 11.

“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 said in a press statement.

Prime Metroline remains the largest shareholder of Bloomberry with 65.58 percent control of the company’s shares outstanding after this transaction.

Goldman Sachs (Singapore) Pte. acted as the sole placement agent for this transaction.