Bloomberry unit gets green light to buy parent stocks for patrons

Bloomberry unit gets green light to buy parent stocks for patrons

A unit of Philippine-listed casino operator Bloomberry Resorts Corp. (BRC) is buying more than 1 million shares of its parent company, which will be given as a reward to Solaire Resort and Casino’s loyal patrons.

Bloomberry unit gets green light to buy parent stocks for patronsIn a regulatory filing, Bloomberry Resorts and Hotel Inc. (BRHI) announced that its board members have approved the purchase of up to 1.5 million shares of BRC via at market price.

BRC is Filipino billionaire Enrique Razon’s holding firm which operates, through its subsidiaries, Solaire in Paranaque City and Jeju Sun Hotel and Casino on Jeju Island in South Korea. Other BRC subsidiaries include Sureste Solaire Korea Co. Ltd., Golden & Luxury Co., Ltd., and Muui Agricultural Corp.

A series of filings with the Philippine Stock Exchange showed that BRHI bought 50,000 BRC shares at P11.50 each ($0.22) and another 50,000 shares at P11.52 each ($0.22) on June 6.

The following day, BRHI bought 75,000 shares worth P11.30 each ($0.21) and 11,400 shares priced at P11.34 each (US$0.21). BRHI made the final purchases on June 8, buying some 150,000 BRC shares at P11.12 each; 70,000 shares at P11.16 each; and 80,000 shares at P11.18 each.

This is not the first time that BRHI bought BRC shares. In January, BRHI bought 2 million BRC shares to reward Solaire’s loyal patrons.

Philippine Prosecutor General inhibited from Kazuo Okada’s fraud case

In other Philippine casino news, a local prosecutor has decided to inhibit himself from handling the fraud case that a local unit of Universal Entertainment Corp. filed against its ousted chairman Kazuo Okada.

Rappler reported that Acting Prosecutor General Jorge Catalan has granted the petition of Tiger Resort Leisure & Entertainment Incorporated (TRLEI), saying that he will be “refraining from taking any action on these cases, much less to recommend the designation of a prosecutor as acting city prosecutor of Parañaque City.”

Before he was assigned as the Acting Prosecutor General, Catalan was the government lawyer who handled and dismissed the fraud case of TRLEI against Okada in Makati City.

With his inhibition, Catalan said that he will let Philippine Justice Secretary Menardo Guevarra raffle off the case of TRLEI.

In the first complaint filed in Makati City, TRLEI accused Okada and former Tiger Resort President and Chief Operating Officer Takahiro Usui of besmirching the company’s name, claiming he made false allegations that TRLEI laid off Okada Manila employees.

The second criminal case against Okada stemmed from the Japanese mogul’s decision to award a $7-million supply contract for the installation of LED fixtures in Okada Manila to his own company, Aruze Philippines Manufacturing Inc.