Bloomberry unit buys parent shares for patrons

RAZON-LED Bloomberry Resorts Corp. (BRC) said on Friday that a unit had been granted approval to buy 1.5 million of its shares through the stock market to be given as a reward to Solaire Resort and Casino’s loyal patrons.

“The board of directors of Bloomberry Resorts and Hotels, Inc. (BRHI) in a board resolution dated June 6, 2018 authorized the company to purchase up to 1.5 million additional shares of BRC through the stock market at market price,” BRC said in a disclosure to the Philippine Stock Exchange.

“These shares shall be given as a reward to Solaire’s loyal patrons and as part of Solaire’s marketing program,” it added.

In a series of disclosures, BRC said that on June 8, BRHI bought 150,000 shares at P11.12 each, 70,000 shares at P11.16 each, and 80,000 shares at P11.18 each.

On June 7, BRHI bought 75,000 shares priced at P11.30 each and 11,400 shares priced at P11.34 each.

On June 6, BRHI bought 50,000 shares at P11.50 each and another 50,000 shares at P11.52 each.

So far, BRHI has acquired 486,400 shares of BRC for about P5.47 million.

Last January, the unit also bought 2 million BRC shares to reward Solaire’s loyal patrons.

BRC is tycoon 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 subsidiaries include Sureste Solaire Korea Co. Ltd., Golden & Luxury Co., Ltd., and Muui Agricultural Corp.