Premium Leisure Corp., which has interests in the City of Dreams Manila casino and hotel, will officially delist from the Philippine Stock Exchange on July 9, according to an order from the bourse.
Delisting refers to a company's removal from the roster of publicly-traded firms. PLC's voluntary delisting process is moving forward after parent firm Belle Corp. raised its ownership to over 99 percent following a tender offer process at P0.85 per share last April.
PLC shares are currently suspended due to the company’s failure to meet the 10 percent minimum public ownership requirement, the PSE noted.
Belle chair Willy Ocier earlier stated that PLC is being privatized to eliminate confusion and enhance Belle’s value.
