AAI to be listing vehicle for Razon’s casino unit

DORMANT holding firm Active Alliance Inc. admitted on Thursday that it would eventually become a listing vehicle for businessman Enrique Razon Jr.’s hotel-casino venture as expected by stock pundits.

The admission followed the disclosure on Wednesday of AAI’s acquisition by Prime Metroline Transit Corp., a company owned by Razon.

AAI on Thursday submitted to the Philippine Stock Exchange additional information on the transaction, which led to the lifting of the trading suspension on the firm’s shares Friday morning.

The additional disclosure noted that Prime Metroline was incorporated in 2010 to engage in the railway transit business but was unable to pursue the said interest.  This company now owns, through its subsidiary, a hotel casino project which is currently under construction.

Prime Metroline owns Sureste Properties Inc. which, in turn, owns Bloomberry Resorts and Hotels Inc. Sureste owns the hotel project while Bloomberry owns the casino project now being constructed at Pagcor City.

Prime Metroline has a paid-up capital of P800 million.

“The corporation will eventually become a listed vehicle for a hotel casino project when the project is acquired by or transferred to the corporation,” the disclosure said.

AAI, owned by the son and namesake of former Bureau of Internal Revenue Commissioner Bienvenido Tan Jr., had seen an extraordinary run-up as pundits bet on the casino backdoor listing. Doris C. Dumlao