Belle buys back P3.7-M shares

MANILA, Philippines – Belle Corp., the SM Group’s high-end property developer and leisure gaming company, continues to buy back its own shares as it takes advantage of depressed prices.

In a disclosure to the Philippine Stock Exchange yesterday, Belle said it has repurchased from the market a total 1.35 million common shares at an average price of P2.74 per share or a total cost of P3.7 million.

Manuel Gana, executive vice president and chief financial officer said the latest buyback is part of the company’s Share Buyback Program.

Under the program, announced early January, Belle’s management has been given the go-signal by the company’s board of directors to repurchase an aggregative value of P1 billion.

It was in January when the company announced that it had planned to redeem up to P1 billion worth of shares held by the public.

Belle shares opened at P2.71 yesterday and closed at P2.80 at the end of trading.

In 2015, Belle experienced a heavy sell-out of its shares after the company spun off its key gaming assets.

It effectively transferred its stake in integrated resort City of Dreams Manila and online lotto equipment operator Pacific Online Systems Corp. to Premium Leisure Corp., then known as Sinophil Corp.

City of Dreams Manila, one of four integrated casino resorts inside the Philippine Amusement and Gaming Corp.’s 100-hectare Entertainment City, is a joint venture of Belle and Melco Crown Philippines.

In the nine months of the year, Belle reported a net income of P1.144 billion, 38.6 percent lower than the P1.862 billion income in the same period last year.