Bought while share prices are low
Philippine gaming company Bloomberry Resorts Corp. announced in a filing that it has acquired an additional 808,000 company shares so it will have enough to implement an employee incentive program.
The buyback “will cover the total number of shares granted to certain officers and employees under the stock incentive plan that will vest in the future,” the company stated in a January 5 filing.
Bloomberry bought back the shares at an optimal time, at an average price of PHP3.51 (US$0.07), near a 52-week low, according to GGRAsia. In the past year, Bloomberry has seen a 64 percent annual decline in share price, according to data from Morningstar Inc.
Bloomberry Resorts built and manages Solaire Resort and Casino in Manila, which opened in March 2013, and has a majority stake in Jeju Sun Hotel and Casino in South Korea. The latter property reported a net loss of PHP189.5 million for the third quarter of 2015, compared to a profit of PHP991.7 million during the same period in 2014, reported GGRAsia.
Last month, Bloomberry submitted an “indication of interest” for an integrated resort project in the Greek-controlled island of Cyprus in the Mediterranean.
