Premium Leisure hikes stake in Pacific Online to 50.1%
LEISURE estate and gaming firm Belle Corp. has sold its remaining 16.03 percent stake in lotto equipment provider Pacific Online Systems Corp. to gaming investment arm Premium Leisure Corp. (PLC) for around P1 billion.
This deal consolidates 50.1 percent control of Pacific Online into PLC, based on disclosures to the Philippine Stock Exchange on Wednesday.
Belle said it would use proceeds from the transaction mostly for debt payment.
About 47.85 million common shares in Pacific Online – which trades on the local bourse under the ticker LOTO- were sold by Belle to PLC for P20.90 per share.
The deal was priced based on the last traded price of Pacific Online at the stock market on Aug. 4.
PLC is a 78.7 percent-owned Belle subsidiary which was last year transformed from a dormant holding firm, Sinophil Corp., into a gaming investment arm. Apart from its stake in Sinophil, PLC owns half of the gaming operations of City of Dreams Manila, the newest integrated resort to open in Pagcor Entertainment City along Manila Bay.
Pacific Online is engaged in the development, design and management of online computer systems, terminals and software for the Philippine gaming industry. The company brokers technology from global suppliers of integrated gaming systems and leases to Philippine Charity Sweepstakes Office (PCSO) the equipment needed for its online lottery operations in the Visayas and Mindanao (VisMin) regions. It also provides PCSO the necessary technical support.
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