<article>Philippine-based <a href="https://www.dealstreetasia.com/?s=Prime+Metroline" target="_blank" rel="noopener">Prime Metroline Holdings Inc</a> has sold shares in local listed firm <a href="https://www.dealstreetasia.com/?s=Bloomberry" target="_blank" rel="noopener">Bloomberry Resorts Corp</a> for about $74.6 million (P3.8 billion).</article>

Philippine-based <a href="https://www.dealstreetasia.com/?s=Prime+Metroline" target="_blank" rel="noopener">Prime Metroline Holdings Inc</a> has sold shares in local listed firm <a href="https://www.dealstreetasia.com/?s=Bloomberry" target="_blank" rel="noopener">Bloomberry Resorts Corp</a> 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 <a href="https://www.dealstreetasia.com/?s=Solaire" target="_blank" rel="noopener">Solaire Resort and Casino</a>, and <a href="https://www.dealstreetasia.com/?s=Jeju+Sun" target="_blank" rel="noopener">Jeju Sun Hotel and Casino</a>.
After the transaction, Prime Metroline remains Bloomberry&#8217;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.
<a href="https://www.dealstreetasia.com/?s=Goldman+Sachs" target="_blank" rel="noopener">Goldman Sachs (Singapore) Pte</a> was the sole placement agent for the transaction.
Besides Bloomberry and Prime Metroline, Razon also chairs the <a href="https://www.dealstreetasia.com/?s=ICTSI" target="_blank" rel="noopener">International Container Terminal Services (ICTSI)</a>, 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&#8217;s trading price closed at P11.90 per share on Monday, September 11.
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Post transaction, Prime Metroline remains Bloomberry’s largest shareholder with 65.58 per cent.

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

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

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