SM Group has revealed plans for a comprehensive restructuring of its gaming assets, which includes the privatization of Premium Leisure Corp (PLC), a significant player in the Philippine gambling sector. The move, outlined by the Philippine Inquirer, signifies a strategic realignment within the group's gaming portfolio.
Currently under the control of Belle Corporation, a key subsidiary of SM Investments Corp, PLC holds substantial interests in the City of Dreams Manila casino resort. As part of the restructuring initiative, Belle Corporation has announced its intention to privatize PLC, indicating a significant shift in its organizational structure.
The privatization process will involve the voluntary delisting of PLC's securities from the Philippine Stock Exchange, reflecting a fundamental transformation within the company. Concurrently, Belle Corporation has initiated a tender offer to acquire shares held by minority shareholders, constituting approximately 20.1% of PLC's ownership.
The valuation for the tender offer will be determined through a comprehensive assessment conducted by First Metro Investments, a wholly owned subsidiary of PLC. Notably, Premium Leisure and Amusement Inc., a subsidiary of PLC, forms part of the consortium between Belle and SM Investments, which holds the gaming license for the prestigious City of Dreams Manila.
