Philippine-listed Belle Corp said on Wednesday it was pricing a tender offer for all of the outstanding common shares of its gaming unit, Premium Leisure Corp, at PHP0.85 (US$ 0.015) per share.

On March 11 Belle had stated it aimed to apply for the “voluntary delisting” of Premium Leisure from the main board of the Philippine Stock Exchange.

Premium Leisure is an investor in City of Dreams Manila, a casino resort in the Philippine capital that is run by a unit of Melco Resorts & Entertainment Ltd. Belle earns a share – via Premium Leisure – of the gaming revenue generated at City of Dreams Manila.

Belle’s casino revenue generated from its share of gaming business at City of Dreams Manila rose by 49.9 percent year-on-year in 2023, to nearly PHP2.34 billion (US$41.7 million).

On Wednesday, the Philippine bourse had approved Belle’s request for a voluntary trading suspension of its shares, “in view of the material information” it had been expected to disclose.

The tender offer period will run from Friday (March 22) to April 24, 2024. Payment and settlement of the shares to be tendered is set for the period April 25 to May 9, according to Wednesday’s filing.

Under Philippine bourse rules, Belle will need to receive and accept offers for at least 95 percent of Premium Leisure’s outstanding capital stock, in order for the delisting to go ahead.