This agreement concludes multiple legal actions across various jurisdictions.
Razon’s Bloomberry Resorts Corp. said its subsidiary Sureste Properties Inc. acquired 921.18 million shares of the company from Global Gaming Asset Management (GGAM) for P18.22 per share.
The shares, equivalent to roughly 8 percent of Bloomberry’s shares, were transferred via a special block sale on April 30, 2024.
GGAM was hired to manage Solaire before it opened in 2013 but the partnership eventually soured, prompting Bloomberry to terminate their contract early due to alleged breaches.
As part of their contract, GGAM was given an option to acquire the Bloomberry shares, which it exercised in 2012 at a price of P1.67 apiece, triggering a slew of legal cases and eventually reached courts in Singapore and New York in the United States.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
