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InterAksyon.com
The online news portal of TV5
MANILA, Philippines – Active Alliance Inc. (AAI) has acquired the hotel and casino business of ports magnate Enrique Razon, completing the latter’s backdoor listing at the local bourse.
AAI told the Philippine Stock Exchange that its stockholders, in a meeting on Monday, approved the hike in the company’s authorized capital stock from P120 million to P15 billion and the change in its name to Bloomberry Resorts Corp., along with a shift in its primary purpose from manufacturing to a holding firm.
AAI said four companies, including major shareholder Prime Metroline Transit Corp. (PMTC), subscribed to 9.12 billion shares out of the increase in the listed company’s capital.
AAI shareholders also cleared the use of the proceeds of the subscription to purchase 58.66 million shares in Surestre Properties Inc. from Razon-led PMTC for P5.867 billion.
Surestre owns Bloomberry Resorts and Hotels Inc., which is one of four groups given a license to build a casino in Pagcor City. Surestre owns the hotel component of the project. Tourism is the latest venture of Razon, who owns International Container Terminal Services Inc.
"The proceeds of the subscriptions to new shares of the company shall be used to pay for the acquisition of 100% outstanding capital stock of Sureste Properties Inc., and to further invest in Sureste Properties Inc. for its hotel casino business," AAI said.
"After a careful review and evaluation of the information disclosed by the Corporation, the Exchange deems that the above-mentioned transactions are covered by the Rules on Backdoor Listing," the PSE said in a letter accompanying AAI's disclosure.
Trading of AAI shares was suspended effective Monday pending its compliance with the bourse rules on backdoor listing. Its shares were last traded at P49.50 each, up 16.47 percent from the previous close of P42.50 apiece.
Last month, PMTC completed the acquisition of 75 percent of the outstanding capital stock of AAI from five shareholders, including majority shareholder Wespac Holdings Inc., for P200 million.
