May 22, 2013

Belle Corp not part of consolidated SM property businesses

According to Belle Corp. Vice Chairman Willy Ocier, the company is “sorting out what [it] is supposed to be in the next five years.” They are in the process of identifying their core businesses, one of which will be gaming.  Belle, which was the former BW Resources, holds a significant stake in the $1.3-B Belle Grande Manila Bay casino project at the Entertainment City.

It also has stake in Tagaytay Highlands with the SM Group and a 35% interest in Pacific Online Systems Corp., the operator of lotto games in the Visayas and Mindanao. It also holds 46.59%  of APC Group Inc., which  will reportedly become the SM group’s holding firm for its energy-related assets.

Because of its gaming operations, Belle will not be part of the planned consolidation of the SM group’s property businesses. - WealthSec