Sinophil to pay $286 million for Belle assets

Wednesday 23rd of July 2014

Sinophil will pay 12.3 billion pesos, or $286 million, for Belle Corp’s gaming industry assets, according to stock exchange filings.

Belle, which is developing the City of Dreams integrated resort with Melco Crown Entertainment, has spun off its gaming business into Sinophil to focus on property development and other interests.

Sinophil will pay 10.8 billion pesos for Belle’s equity interest in Premium Leisure and Amusement Corp, the company that holds the Pagcor license for COD. It will pay in cash.

Sinophil will also pay 1.5 billion pesos for a 34.5 percent stake in Pacific Online Systems Corporation (LOTO). LOTO is engaged in the development, design and management of online computer systems, terminals and software for the Philippine gaming industry.

The transaction will be carried out through a block sale.

Belle, which is the majority shareholder of Sinophil with a 50.42 percent stake, also said deeds of absolute sale have been carried out to buy certain assets from Sinophil for 868 million pesos.

Those assets are membership Shares in Tagaytay Midlands Golf Club, Inc.; a lot located within the Aseana Business Park at the Manila Bay Reclamation Area; Several parcels of land in The Parks at Saratoga Hills within the Tagaytay Midlands Complex and undeveloped land located in the Municipality of Tanauan, Province of Batangas.

Belle on Tuesday confirmed press reports that it may seek to sell off some of its holding in Sinophil to broaden the company’s shareholder base. It also said it has been in talks to acquire more land with a view to potentially expanding the COD project.