January 16, 2014 / 3:15 AM / 4 years ago

Shares of Philippines' Bloomberry suspended after U.S. partner's stake sale

MANILA, Jan 16 (Reuters) - Trading in the shares of Bloomberry Resorts Corp has been suspended after the casino operator said shareholder Global Gaming Philippines LLC (GGAM) had sold its entire stake.

Trading will resume on Jan. 24, the Philippine Stock Exchange said following Bloomberry’s disclosure before the start of trade on Thursday.

Bloomberry, which has a market value of $2.1 billion, did not disclose the price, buyers or number of shares in GGAM’s sale of its minority stake.

Bloomberry in September said it had ended a management deal for its $1.2 billion Solaire casino resort in Manila with Las Vegas-based GGAM, which owned 8.7 percent of the venture.

GGAM sought arbitration over the issue, and Bloomberry and Solaire developer Sureste Properties Inc filed a counterclaim.

“We need to clarify the impact of the arbitration on the sale of the GGAM shares and confirm that the buyers of the GGAM shares will not be affected by the arbitration claim,” Bloomberry said on Thursday.

Bloomberry, owned by the Philippines’ fourth-richest person, Enrique Razon, opened the first phase of Solaire in March.

The resort is the first of four government-approved casino projects at Entertainment City in Manila Bay.

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