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Belle extends P4.5B rights offer

[ ] September 29, 2011

Belle Corp. has extended until today the deadline for its P4.51 billion stock rights offering because of the suspension of work on Tuesday due to Typhoon "Pedring."

The offer was originally set to end yesterday.

The company is offering shareholders the right to buy one new share at P3 for every six shares held as it raises capital for its casino complex project, Belle Grand Manila Bay, in the planned Pagcor City.

BDO Capital and Investment Corp. is the issue manager and underwriter while Deutsche Bank is the international financial adviser.

Belle Grande Manila Bay will have between 15,000 and 20,000 square meters of gaming space, good for 1,600 slot machines and 300 to 320 tables.

Belle has committed to invest up to $1 billion in the project, whose gaming area will be complemented by six hotel towers.

Belle Grande Manila Bay will rise on a 6.2-hectare site on the Manila Bay reclamation.

The company had said earlier that nearly half of the proceeds would be used for the construction of VIP suites and a four-star hotel.

The remainder would be used to build the Belle Grande Suites Towers and the casino.

Phase One of Belle Grande Manila Bay is expected to open by the second quarter of next year.

Phase Two is scheduled for opening by end-2013.

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