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SM Group to restructure publicly listed gaming assets, PLC slated for privatization
Premium Leisure Corp. (PLC) is expected to be privatized as part of the SM Group’s announced intentions to restructure its publicly listed gaming activities.
As part of this restructuring attempt, PLC—which has interests in the renowned City of Dreams Manila integrated casino and hotel on Manila Bay—is probably going to be privatized, the Philippine Inquirer reports.
PLC, a major holding in SM Investments Corp.’s portfolio that Belle Corp. now controls, said on Monday that it plans to voluntarily delist from the Philippine Stock Exchange, indicating a significant change to its organizational structure. This declaration was made concurrently with Belle Corp.’s announcement of a tender offer to purchase minority owners’ shares, which make up around 20.1% of PLC.
The conglomerate’s commitment to streamlining its gaming assets and unifying management over PLC, a company that entered the gaming market in 2014 by combining gaming assets that ultimately formed City of Dreams Manila, is shown by this calculated move. A thorough third-party valuation study conducted by First Metro Investments Corp., a reputable financial services company with significant experience in valuation methods, will determine the tender offer price.
Premium Leisure and Amusement Inc., a wholly-owned subsidiary of PLC, is a part of the Belle and SM Investments consortium, which is in charge of holding the City of Dreams Manila gaming license.
Original story by: Asia Gaming Brief
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