Henry Sy's Belle Corp launches casino equity deal

The Philippines' richest man seeks to unlock value through an asset injection and secondary share sale.

SM Investments subsidiary, Belle Corp began pre-marketing a Ps 8.7 billion $200 million divestment of stock in its subsidiary, Premium Leisure Corp on Tuesday. The group hopes the deal will ride on the back of strong momentum in Filipino equities and raise the profile of the company's gaming assets ahead of this autumn's opening of its first major project, City of Dreams.

The gaming sector is likely to play an increasingly important role in the Philippines equity story over the next few years due to the scheduled opening of a swathe of integrated casino and resort ventures on the 120 hectare Pagcor Entertainment City site in Manila Bay. Indeed, by...

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