Malaysians unload Sinophil stake

Sinophil Corp., the holding company for the gaming business of the Belle Corp. group, underwent a corporate restructuring this week as its Malaysian partners decided to divest from the company.

In a disclosure to the Philippine Stock Exchange, Sinophil corporate secretary A. Bayani Tan said the new board has approved the decrease in the company’s authorized capital by 3.87 billion common shares, representing the 22.4-percent equity stake of the Metroplex Berhad group.

The new board now comprises officials of Belle Corp., which previously owned 33.11 percent of the company. They are led by chairman Willy Ocier and Rogelio Cabunag, president and CEO.

Originally an oil and gas exploration company, Sinophil was listed in 1995 and was reclassified as a holding company in 1997.

Through its wholly-owned subsidiary and affiliates, Sinophil has interests in gaming, property development, pay-per-view entertainment and information systems.

One subsidiary, Topsilver Investments Ltd., has investments in MagiNet Corp., a company pioneering on-demand, pay-per-view systems for the hospitality industry in the Pacific Rim.

A main affiliate, Legend International Resorts Ltd.,owns and operates the Subic Legend Resorts and Casino, which has the exclusive franchise to operate casinos in the Subic Bay Special Economic Zone. – Conrado Diaz Jr.