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.

In 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.