Philippines: Prime Metroline sells stake in Bloomberry Resorts for $74.6m

Philippine-based Prime Metroline Holdings Inc has sold shares in local listed firm Bloomberry Resorts Corp for about $74.6 million (P3.8 billion).

In an overnight placement on Monday, September 11, the holding company sold 350 million shares representing 3.18 per cent stake of its owner Enrique Razon Jr, who is rated by Forbes as the third richest man in the Philippines.

Bloomberry develops tourist facilities, casino entertainment, and hotel and amusement-themed projects. Its hospitality portfolio includes Solaire Resort and Casino, and Jeju Sun Hotel and Casino.

After the transaction, Prime Metroline remains Bloomberry’s largest shareholder with 65.58 per cent of its outstanding shares.

The shares were sold at P10.85 per share, and were placed to international institutional investors at an 8 per cent discount to the volume weighted average price on September 11.

Goldman Sachs (Singapore) Pte was the sole placement agent for the transaction.

Besides Bloomberry and Prime Metroline, Razon also chairs the International Container Terminal Services (ICTSI), a top terminal operator in the Philippines.

Razon also serves as chairman and president of Quasar Holdings Inc, Falcon Investco Holdings Inc, Achillion Holdings Inc, Collingwood Investment Company Ltd, Bravo International Port Holdings Inc, and Provident Management Group Inc.

Bloomberry’s trading price closed at P11.90 per share on Monday, September 11.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.