The board of the SM Group-backed firm approved the move on March 4 as part of an effort to unlock dormant assets while funding upcoming projects.
The shares will be offered at P1.40 each, allowing the firm to raise as much as P280 million if the full allocation is sold. Belle shares rose 2.14 percent to P1.43 each on Wednesday.
The sale will run from March 4 to March 25 and will be executed at prevailing market prices through the exchange.
If fully taken up, the transaction will increase the company’s public float by about 1.12 percent from the current 44.59 percent.
Belle also holds a license for the City of Dreams Manila integrated casino, operated by partner Melco Entertainment, along Manila Bay. It’s also the controlling shareholder of Pacific Online Systems Corp., a lotto services firm.
Belle currently holds about 864.54 million treasury shares, meaning the planned offering represents only a portion of its total treasury stock. After the sale, it will still retain roughly 664 million treasury shares that could be monetized in the future if needed.
—Edited by Miguel R. Camus
