Acesite declares 250% stock dividend

MANILA, Philippines - Acesite (Philippines) Hotel Corp. recently disclosed to the Philippine Stock Exchange the declaration of a 250 percent stock dividend for stockholders of record as of June 25, 2012.

The board of directors of Acesite in a meeting held last June 11, approved the distribution of the 246,248,270 shares with par value of P1 or P246,248,270 to cover dividends declared in payment of the increase in capital stock on or before July 19, 2012.

The announcement was made by the board as part of their commitment and in appreciation of the continuing support of the investing public manifested throughout the years. “This is one way of giving back to them what they long deserved because of their faith and support to the company and its business plan,” the Board said.

Worth noting also are some milestones that were achieved by the management in solving the legal issues affecting the ownership of the land where the hotel is located, as well as the servicing of the loans that are now significantly reduced when the Gatchalian group took over.

Rennovations and ongoing repairs of the rooms and facilities are being undertaken to adjust to the varying and sophisticated taste of the casino players and hotel patrons, and in order to continously make the hotel world-class.

In view of this, management is very optimistic on its expansion plan and in fact, in the process of acquiring another casino-hotel along the Roxas Boulevard area to add to the growing chain of casino-hotels that includes Waterfront Cebu and Waterfront Mactan, which will cater, give more options and choices and provide world-class services and accomodations to the growing clientele of the gaming sector and industry.