By Jenniffer B. Austria | Posted on
Nov. 13, 2012 at 12:02am
[ manilastandardtoday.com ]
Leisure Resorts World Corp. plans to
invest P750 million in acquiring a 51- percent interest in a company that
operates the Midas Hotel and Casino in Pasay City, formerly the Hyatt Regency
Hotel.
Leisure Resorts said in a disclosure
to the stock exchange that it signed an agreement with Eco Leisure and
Hospitality Holding Company Inc. and Hotel Enterprises of the Philippines Inc.
to purchase a controlling stake in the outstanding capital stock of HEPI.
“The investment of the company is
expected to strengthen and enhance the operations of the Midas Hotel and
Casino,” Leisure Resorts said.
Eco Leisure and HEPI are owned by
businessman Elizalde Co, who also owns luxury resort Misibis Bay in Albay.
Retail magnate Lucio Co of Puregold
Price Club Inc., meanwhile, partly owns Midas Hotel and Casino.
The Philippine Stock Exchange
suspended the trading of the shares of Leisure Resorts since the transaction is
covered by the revised disclosure rules on substantial acquisitions and
takeovers of the bourse.
The PSE said the trading of Leisure
Resorts shares will remain suspended pending submission of financial documents.
Shares of Leisure Resorts were last
traded Friday when it closed at P9.20 apiece.
Leisure Resorts, owned by the family
of businessman Alfredo Benitez, the son of former human settlements minister
Jose Conrado Benitez, is a gaming company
involved in Belle Corp.’s Belle Grande Manila Bay project.
Leisure Resorts has committed to
invest P4 billion in the $1-billion Belle Grande project, which is slated for
opening by the end of 2014.
Leisure Resorts in exchange will get a
share of Belle’s earnings from leasing of commercial space as well as a piece
of casino earnings.
Funding for the P4-billion investments
will come from borrowings and internally generated funds.
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