Atin Ito First Filipino Community Newspaper in Ontario
Bloomberry Resorts Corporation, the gaming unit of billionaire Enrique K. Razon Jr., is raising P5.59 billion through a top-up offering of 559 million of its shares to qualified buyers in the Philippines and overseas.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said that its Board of Directors has authorized an equity fund raising through a placing and subscription transaction “subject generally to market conditions.”
The first part of the transaction is the offer and sale of shares with par value of P1.00 per share of Bloomberry by Quasar Holdings Inc., one of BLOOM’s controlling shareholders, of up to 559 million shares of BLOOM at an Offer Price of P10.00 per share.
As of this writing, Bloomberry shares were trading at around P10.06 per share.
This will be offered to investors outside the United States and in the Philippines to qualified buyers in transactions that will not require registration under the Securities Regulation Code.
The second part of the transaction concurrently upon the completion of the Offer, is the subscription by Quasar, and the issuance by BLOOM to Quasar, of new shares, from the authorized but unissued shares of stock of BLOOM, in the same number and at the same price as the shares sold in the Offer.
The listing of the new Bloomberry shares will be applied for as soon as practicable. The shares will amount to about five percent of the company’s expanded capital which currently amounts to 11.03 billion issued shares.
“The conduct of an equity fund raising by way of a placing and subscription transaction allows BLOOM to raise equity funds in a most expeditious and efficient manner, with the least cost to BLOOM,” the firm said.
It added that, “the Transaction is also intended to strengthen and broaden the capital base of BLOOM, as well as to promote a wider dispersion of the Shares to a broad spectrum of institutional investors.”
— James A. Loyola
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Credit belongs to: www.mb.com.ph
