Bloomberry Resorts Corp. of tycoon Enrique Razon Jr. said it has completed the settlement deal with Global Gaming Philippines LLC, or GGAM, with its subsidiaries’ purchase of GGAM shares in the listed gaming and resort company for P16.8 billion.
Bloomberry and GGAM have been at odds for a decade over the Razon Group’s termination of the latter’s contract to manage Solaire Resort Entertainment City.
As part of the settlement deal, Bloomberry’s units Sureste Properties Inc. and Bloomberry Resorts and Hotels Inc. bought 921.3 million Bloomberry shares owned by GGAM. The completion of the shares purchase was done through a block sale on on the Philippine Stock Exchange on Tuesday. The agreed purchase price was P18.22 a share.
The shares represent an 8.05 percent stake in Bloomberry.
