Philippines-listed Premium Leisure Corp has voluntarily petitioned for the delisting of its shares from the main board of the Philippine Stock Exchange, effective July 9, as noted in a Monday filing.
Premium Leisure submitted the petition on May 10 to Ramon Monzon, president and chief executive of the Philippine Stock Exchange Inc.
As an investor in City of Dreams Manila, a casino resort operated by a unit of Melco Resorts & Entertainment Ltd, Premium Leisure earns a share of the gaming revenue generated there through one of its units. Premium Leisure is affiliated with Belle Corp, another company listed on the Philippine Stock Exchange.
In March, Belle announced its intention to apply for the voluntary delisting of Premium Leisure from the main board of the country’s bourse. The parent company set a tender offer price for all outstanding common shares of Premium Leisure at PHP0.85 each. The tender offer was completed on May 9, according to Monday’s filing.
The parent company paid nearly PHP5.25 billion for over 6.17 billion shares, representing about 19.77 percent of the total issued and outstanding common stock of Premium Leisure. Consequently, Belle now controls 99.55 percent of Premium Leisure.
Premium Leisure reported a net income of just under PHP279.5 million for the first quarter of 2024, a 55.3 percent decrease from the previous year. The company’s share of gaming revenue from City of Dreams Manila in the first three months of 2024 was PHP401.2 million, a decline of 43.9 percent from the prior-year period.
