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Chairman Enrique Razon Jr reduces Bloomberry stake

Wednesday, 13 September 2017 05:33
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The Chairman and controlling shareholder in Bloomberry Resorts Corporation, Enrique K Razon Jr, has sold 350 million shares representing 3.18% of his stake, the company announced.

The shares, held through Mr Razon’s holding company Prime Metroline Holdings Inc, were sold at Php10.85 per share for a total consideration of Php3.8 billion (US$74.7 million) and placed to international institutional investors at an 8% discount to the volume weighted average price.

Prime Metroline remains the largest shareholder with 65.58% of Bloomberry’s shares.

In a statement, Mr Razon said, “I am very confident of the prospects for Bloomberry. I believe that the increased liquidity in the stock will be beneficial for investors and the company.”

Bloomberry Resorts Corporation has enjoyed strong results in 2017, with profits surging 47% year-on-year for the three months to 30 June 2017 on the back of a record breaking quarter at its flagship Solaire Resort & Casino in Manila.

The company reported profit of Phpp1.96 billion (US$38.5 million) for the quarter, taking its half-year total to Ph4.1 billion – the highest on record and 24 times more than the same period in 2016.

 

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