SM Group Philippines announced a restructuring of its gaming assets, including Premium Leisure Corp. (PLC), which will be privatized.

SM Group is the largest corporate group in the Philippines, and its SM Investment Company is one of the companies with the highest market value on the Philippine Stock Exchange, with a market value of more than 1.1 trillion pesos.

According to the Philippine Inquirer, PLC holds interests in the famous Manila City of Dreams integrated casino and hotel located on the shores of Manila Bay and will be privatized in a restructuring plan.

As part of its restructuring plan, PLC, one of the portfolio companies of SM Investments Corp., currently controlled by listed company Belle Corp., revealed its intention to voluntarily delist from the Philippine Stock Exchange to adjust its operational structure .

The announcement also disclosed that Belle Group will launch a tender offer with the intention of acquiring approximately 20.1% of PLC's shares to strengthen its control over PLC. This underlines the group's commitment to simplifying the structure of its gaming assets.

PLC was established after transitioning into the gaming industry in 2014, injecting gaming assets and establishing City of Dreams Manila.

The tender offer price will be determined through a comprehensive third-party valuation study conducted by First Metro Investments Corp. First Metro Investments Corp. is a financial services firm with extensive expertise in valuation methodologies.

Premium Leisure and Amusement Inc., a wholly-owned subsidiary of PLC, is part of the Belle and SM Investments consortium that holds the gaming license for City of Dreams Manila.