Belle Corp, the gaming arm of Henry Sy’s conglomerate, is to sell its remaining 47.85 million shares in Pacific Online Systems Corp to a Belle subsidiary to raise approximately PHP1 billion ($21.9 million).
Belle, which will sell its stake to Premier Leisure Corp. for P1 billion, says it plans to use the proceeds from the sale mostly for debt repayment.
Pacific Online Systems Corporation is engaged in the development, design and management of online computer systems, terminals and software for the Philippine gaming industry.
The company brokers technology from global suppliers of integrated gaming systems and leases to Philippine Charity Sweepstakes Office the equipment needed for its online lottery operations in the Visayas and Mindanao regions.
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