Belle Corp. says 6-for-1 stock rights offering oversubscribed

Property Developer Belle Corp. on Tuesday disclosed that its stock rights’ offering was oversubscribed by 201.7 million shares. Belle told the Philippine Stock Exchange it offered 1.508-billion common shares, which was completed last week. "The proceeds from the stock rights offering totaling approximately P4.5 billion will be used by Belle to help fund the construction of its Belle Grande integrated resort located at the entrance of the Pagcor Entertainment City, at the corner of Aseana Avenue and Roxas Boulevard in Paranaque City," the company said. Belle launched its stock rights offering on Sept. 22, which entitled shareholders to a six-for-one subscription or one share for every six shares held as of Sept. 2, 2011 at P3 per share. Construction of Belle Grande began early last year and is presently in full swing, the company said. At completion, the more than 250,000-sqm resort will include 17,000 sqm of gaming space and more than 20,000 sqm of retail and dining facilities, and more than 800 hotel rooms. The resort is scheduled to open by early 2013. BDO Capital & Investment Corp. was the issue manager and underwriter for the stock rights offering, with Deutsche Bank AG (Singapore Branch) as Belle's international financial adviser. — CMA/VS, GMA News