Sinophil to launch $200-M follow-on share offer


Posted at Sep 02 2014 06:38 PM | Updated as of Sep 03 2014 02:38 AM

MANILA - Philippine leisure firm Sinophil Corp plans to launch a follow-on share offer worth around $200 million to expand its investor base, its chairman said on Tuesday.

Chairman Willy Ocier said the Sinophil's parent Belle Corp will be selling the shares. He did not give further details.

IFR, a Thomson Reuters publication, said in a report that premarketing for the offer had already started and that the book-building was likely to start on Sept. 22. IFR did not cite its sources.

The offer follows Belle's decision to reorganise its gaming assets under listed subsidiary Sinophil, which has filed for regulatory approval to be renamed Premium Leisure Corp.

Under the restructuring, Belle injected its 100 percent interest in Premium Leisure Amusements and 34.5 percent of Pacific Online Systems into Sinophil. Belle will continue to focus on the real-estate business.

Premium Leisure is part of a consortium that holds the licence for the $1.3 billion City of Dreams Manila casino-resort, which Melco Crown Entertainment Limited will operate. Pacific Online develops and designs online computer systems, terminals and software for the Philippine gaming industry.

CLSA is the sole global co-ordinator, while Credit Suisse and Macquarie are joint bookrunners.