MANILA, Philippines - Property firm Belle Corp. announced Wednesday its board has approved the terms of a P4.5-billion stock rights offering to fund a casino project.
In a disclosure to the stock exchange, the company, which is controlled by mall tycoon Henry Sy, said it will offer 1.508 billion shares at P3 apiece.
Shareholders may buy one new share for every six held as of a certain date, which has yet to be set.
"Gross proceeds from the offer shall be mainly used for capital expenditures for the Belle Grande Manila Bay project," the company said.
Belle Grande is a 30,000-square meter integrated entertainment resort complex featuring a casino.
Belle said it has appointed BDO Capital & Investment Corp., a unit of Sy-owned Banco de Oro Unibank, as underwriter for the rights offer. Deutsche Bank AG will be international financial advisor.