Bloomberry Resorts Corp., the operator of Solare Resorts and Casino in the Philippines, said an investor sold 245 million shares of its common stock for 2.7 billion PHP ($61.9 million). The company said Tuesday it sold the stake to the Philippine Stock Exchange for PHP 11.0 per share.
“We understand that a foreign investor sold Bloomberry shares,” the company said in a clarification report to the exchange. However, the filing mentions Bloomberry’s “private equity deal of PHP 11.0 for 2.69 billion shares.”
“We understand that there were a total of 245 million shares in PHP11/share,” Leo Venezuela, head of investor relations at Bloomberry, told GGRAsia.
In a written response, the Venezuelan president said the foreign investor was a company called Top Global Systems Ltd. “We do not have more information about that company at this time,” he added.
Public records show Top Global is a registered holding company in British Virgin Islands.
Top Global subscribed 800 million shares of Bloomberry in February 2012 at a price of PHP 1.0 per share, when the casino operator increased its capital to PHP15 billion. The stock purchase on Tuesday brought Top Global a profit of about 2.45 billion PHP. After the deal, it was unclear how much the company’s stake in Bloomberry was.
In 2012, a portion of the proceeds from the new subscription was used to fund the construction and development of the Solaire Casino Resort.
Bloomberry last week reported net profit of 2.3 billion PHP in the first half of 2014, down sharply from a net loss of 1 billion PHP last year. Soler released it in the first quarter of 2013.
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