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MANILA, Philippines - The controlling shareholder of Bloomberry Resorts Corp. will sell shares through a private placement.
The listed gaming firm of port operator Enrique Razon Jr. said its board authorized the sale of Prime Metroline Holdings Inc.'s shares to a select group of investors both here and abroad.
The Bloomberry board also approved Prime Metroline's subscription to new shares that the former would issue out of its authorized stock, the total number of such new shares equal to the number of existing stocks that the majority shareholder would sell through the placing transaction.
Bloomberry said the offer price will be determined through a book building exercise following an international road show.
Bloombery appointed CLSA Limited and UBS AG as joint global coordinators, joint book runners and joint lead managers for the placing transaction.
Bloomberry is one of four groups building a casino-resort at the Entertainment City in Manila, a project spearheaded by state-run Philippine Amusement and Gaming Corp.
Razon also owns listed International Container Terminal Services Inc.
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