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Bloomberry raising P8.8b

Posted May 3rd, 2012 by Jenniffer B. Austria
[ manilastandardtoday.com ] May 3, 2012.

Bloomberry Resorts Corp. is raising P8.85 billion from the sale of shares to finance the construction of its integrated casino and entertainment complex in Entertainment City called Solaire Manila.

Bloomberry said in a disclosure to the stock exchange it executed the placing of 1.179 billion shares at a steep discount of P7.50 per share.

The company also set aside another 117.996 million shares to cover overallotment option. It said that if fully exercised, the option will generate additional P885 million in capital.

Bloomberry tapped CLSA Limited and ABG AG as the lead joint managers for the transaction.

The company’s announcement it sold shares at a discounted price of P7.50 apiece pulled down its stock price by 25 percent to P9.01 per share on Wednesday from the last Monday’s close of P12.

Bloomberry said earlier the conduct of an equity fund raising by way of placing and subscription would allow the company to raise equity funds in a most expeditious and efficient manner for its Solaire Manila project.

“The transaction is also intended to strengthen and broaden the capital base of Bloomberry as well as to promote a wider dispersion of the common shares of Bloomberry to a broad spectrum of public institutional investors and to comply with the minimum public ownership requirement of the PSE,” the company said.

After the share sale, Razon’s ownership in Bloomberry will drop to 80.9 percent from 91.17 percent while public ownership will increase to 11.45 percent from 0.22 percent.

Solaire Manila is an integrated tourism resort owned and being constructed by Sureste Properties Inc. and Bloomberry Resorts and Hotels Inc., which are the operating subsidiaries of Bloomberry.

BRHI is one of the four companies licensed by state-owned Philippine Amusement and Gaming Corp. with provisional license to establish and operate integrated tourism resorts at Pagcor Entertainment City.

Solaire Manila is located on an 8.3-hectare seafront property leased from Pagcor. Phase 1 when completed will have a multi-level casino with 18,500 square meters of gaming area, including 6,000 square meters of exclusive VIP gaming area with approximately 300 gaming tables and 1,200 slot machines.

It will have five-star hotel with 500 rooms, including suites, bayside villas, and will have seven specialty restaurants.

“Bloomberry believes Solaire Manila will be the first integrated resort to operate in Entertainment city upon it scheduled opening in the first quarter of 2013. The company believes that Solaire Manila will be the Philippines’ integrated tourism and gaming complex, which will offer premium gaming experience to all is customers in a gaming facility designed and operated according to world-class standards,” the company said.

(Published in the Manila Standard Today newspaper on /2012/May/03)jen
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