Philippines real estate firm Belle Corp is looking to sell some of its treasury shares in order to raise funds for use in upcoming projects.
The company explained in a filing that its Board of Directors had decided to liquefy some assets to achieve its long-term goals, with up to 200 million shares on offer at a price of Php1.40 per share. This puts the potential funds raised at Php280 million (US$4.8 million).
The sale of treasury shares is to be conducted through the facilities of the Philippine Stock Exchange based at a minimum on prevailing market prices at the time of the sale.
It also means the public float will increase by an additional 1.12% of total shares to around 45.71% assuming all 200 million shares are sold to public shareholders.
Belle Corp, which owns the land upon which Melco’s City of Dreams Manila sits, last year revealed that it wants to develop an integrated resort in Clark, around two hours north of Manila by car.
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