Philippine Stock Exchange Suspends Trading of Bloomberry
Jan 16, 2014
Stock freezes after major shareholder and former partner in casino project sells entire share in the company
The Philippine Stock Exchange announced that it has temporarily suspended the trading of shares in Bloomberry Resorts Corp. The move came after Global Gaming Philippines LLC (GGAM) made major casino gambling news by selling its entire share in the company.
The stock exchange made the move because of the important of the sale by GGAM. Trading will resume on January 24th. Bloomberry currently has a market value of $2.1 billion.
Halt comes amidst corporate dispute settlement
Bloomberry had been at odds with GGAM over a project to build a $1.2 billion dollar Solaire casino resort, of which GGAM owned 8.7 percent. The two companies announced in September that they were ending a management deal over the casino, and GGAM sold its shares shortly after.
Bloomberry is owned by Enrique Razon, the fourth-richest person in the Philippines. The company will move forward with the Solaire project, one of four new government-approved casino projects in Manila’s “Entertainment City.”
The gambling business can sometimes resemble a casino strategy game, with casino magnates competing in cat-and-mouse games, and personal grievances spilling over into business relations. GGAM and Bloomberry have not yet resolved the terms of their split, and Bloomberry emphasized that it needed to make certain that new shareholders would not be affected by the proceedings.