Razon acquires listed shell company

Source: Manila Bulletin

By JAMES A. LOYOLA

November 23, 2011, 11:04pm

MANILA, Philippines — Business tycoon Enrique K. Razon Jr. has acquired 75 percent of listed shell company Active Alliance Inc. from five sharesholders including Wespac Holdings Inc. for P200 million.
In a disclosure to the Philippine Stock Exchange, AAI said the acquisition of 60 million AAI shares was made by Razon’s Prime Metroline Transit Corporation. The sale is still subject to the completion of due diligence and compliance with the mandatory tender offer.
Razon has been reported to be scouting for a vehicle for the backdoor listing of his Bloomsbury Investments which is developing a $1 billion integrated casino resort complex at the Pagcor Entertainment City.
Prior to the announcement, AAI had voluntarily asked the PSE to suspend the trading of its shares from November 22 to November 28 as it was making an announcement.
The price of AAI shares have surged on rumors of the Razon acquisition from P4.91 in November 8 to P76 last November 20 after hitting its 50 percent price ceiling almost daily.
Bloomsbury has tapped the services of Las Vegas, Nevada-based Global Gaming Asset Management (GGAM) LLC for the hotel and gaming operations of its proposed integrated casino resort complex.