Billionaire Razon sells 350 million shares in Bloomberry Resorts

Billionaire Enrique Razon Jr., chairman and controlling shareholder of Bloomberry Resorts Corp., sold a portion of his shares of stock in the casino and hotel operator to foreign institutional investors. The transaction was valued at around Php3.8 billion.

Razon's holding firm, Prime Metroline Holdings Inc., unloaded 350 million shares equivalent to 3.18 percent of his stake in Bloomberry to international institutional investors in an overnight placement, Jonas Khaw, Bloomberry assistant corporate secretary, told the  Philippine Stock Exchange on Tuesday.

The shares were sold at Php10.85 per share, an 8 percent discount based on the company's volume-weighted average price on Monday, September 11. "Prime Metroline remains the largest shareholder at 65.58 percent of Bloomberry's shares outstanding post this transaction, Khaw said.

Bloomberry is the operator and developer of Solaire Resort & Casino – the first development in Entertainment City. Razon was quoted as saying that the transaction would benefit both the investors and Bloomberry. “I am very confident of the prospects for Bloomberry.

I believe that the increased liquidity in the stock will be beneficial to investors and the company.” Goldman Sachs (Singapore) Pte. was the sole placement agent for the transaction.