MANILA, Philippines — Belle Corp., one of the portfolio investments of the Sy family’s SM Investments Corp., is streamlining its operations by decreasing the number of directors.
In a disclosure, Belle said its board has approved a proposal to amend the company’s articles of incorporation to cut down the membership of its directors from nine to seven.
The company said the reduction in the membership of its board of directors is meant to increase the ratio of independent directors vis-a-vis the regular directors.
It is likewise being sought “because the current level of operations of the corporation no longer requires an expanded membership in its board of directors.”
“This will be in line with the corporation’s efforts to streamline its operations throughout the organization as current level of operations of the corporation does not require an expanded membership in its board of directors,” the company said.
It said the proposed amendment would be presented for approval of its shareholders during its upcoming annual meeting later this month.
Belle recently conducted a successful tender offer for all of the outstanding common shares of subsidiary Premium Leisure Corp. (PLC) for the purpose of eventually causing the filing of an application for the voluntary delisting of the latter from the Philippine Stock Exchange’s main board.
PLC is a subsidiary of Belle which has a partnership with Melco Crown Entertainment, which in turn operates integrated casino resort City of Dreams at the Entertainment City.
PLC owns 100-percent equity investment in Premium Leisure and Amusement Inc., a grantee by the Philippine Amusement and Gaming Corp. of certificate of affiliations and provisional license to operate integrated resorts, including casinos, in the vicinity of PAGCOR Entertainment City.