Bloomberry Resorts Corp. said Friday its board approved a two-step capital-raising plan that would generate P5.59 billion for the listed resort and casino operations business of tycoon Enrique Razon.
The company said the first step of the plan is to offer to investors outside the US, a total 559 million shares of Bloomberry—equivalent to a 5.1 percent stake–that are held by Quasar Holdings Inc. for P10 each. The sale depends on market condition, it added.
Proceeds of the shares sale are transferred by Quasar to Bloomberry in exchange for the equivalent number of stocks that will be taken from the unissued port of resort-casino operator’s authorized capital.
The listing of such new shares will be applied for as soon as practicable, added the company, which trades under the symbol BLOOM.
“The conduct of an equity fund raising by way of a placing and subscription transaction allows BLOOM to raise equity funds in a most expeditious and efficient manner, with the least cost to BLOOM. The Transaction is also intended to strengthen and broaden the capital base of BLOOM, as well as to promote a wider dispersion of the Shares to a broad spectrum of institutional investors,” Bloomberry said.
