Active Alliance Inc., which was the former name of Bloomberry, has been renamed into Bloomberry Resorts Corporation in February 2012.
- Prime Metroline Transit Corporation - the controlling stockholder of AAI.
- Top Global Systems Limited - a British Virgin Islands company. It's allowed to subscribe at the same price as the controlling stockholders of Bloomberry.
- Falcon Investco Holdings, Inc. - a Philippine company owned and controlled by Mr. Enrique K. Razon Jr. who is the controlling stockholder of Prime Metroline.
- Quasar Holdings Inc. - a Philippine corporation owned and controlled by Prime Metroline.
The proceeds of the shareholders were used to pay for the acquisition of 100% outstanding capital stock of Sureste Properties Inc., and to further invest in Sureste Properties Inc. for its hotel casino business.
Bloomberry's shares of stock are publicly traded in the Philippine Stock Exchange (PSE). The Parent Company's registered office address/headquarters is at Unit 601 6th Floor, Ecoplaza Building, Chino Roces Avenue, Extension, Makati City, Philippines.
Change in Ownership of Bloomberry
As of December 31, 2011, Bloomberry is a majority - owned subsidiary of Wespac Holdings Incorporated, a corporation organized and existing under the Philippine laws.
On January 26, 2012, Prime Metroline Transit Corporation (PMTC) acquired 60,000,000 shares of Bloomberry, constituting 75% of the outstanding capital stock, from Wespac Holdings Incorporated and other shareholders through a cross sale transaction in the PSE.
On February 27, 2012, the SEC approved the increase in Bloomberry's authorized capital stock to P15 billion divided into 15 billon shares with par value of 1 per share and the following amendments in its articles of incorporation, among others: change in the corporate name to Bloomberry Resorts Corporation and change in the primary purpose to that of a holding company.
In view of the increase in the authorized capital stock, PMTC subscribed to additional 7,265,656,500 shares of Bloomberry resulting to a direct ownership in Bloomberry of 78.84% as of February 29, 2012 (see Note 15).
Subsidiaries of Bloomberry
In February 2012, PMTC sold 100% of its ownership interest in Sureste Properties, Inc. (Sureste) to Bloomberry for p5.9 billion. As of February 29, 2012, Bloomberry's subsidiaries include Sureste and its wholly-owned subsidiary, Bloomberry Resorts and Hotels, Inc. (BRETT, formerly Bloombury Investments Holdings, Inc.) (collectively referred to as "the Group").
Sureste was incorporated in the Philippines and was registered in the Philippine Securities and Exchange Commission (SEC) on April 16, 1993. Its wholly-owned subsidiary BRHI was incorporated in the Philippines and was registered in the Philippine SEC on February 27, 2008. The primary purpose of Sureste and BRHI is to develop and operate tourist facilities, including hotel casino entertainment complexes with hotel, retail and amusement areas and themed development components.
The Philippine Amusement and Gaming Corporation (PAGCOR) has granted BRHI the Provisional License on April 8, 2009 to develop an integrated casino, hotel and entertainment complex within Entertainment City. BRHI is one of four licensees for Entertainment City. Prior to the development of integrated resorts in the Philippines, only PAGCOR-operated casinos and 6 private casinos in special economic zones were allowed to operate in the countly. BRHI's Provisional License will be replaced with a regular casino gaming license upon full completion of the Project, referred to as "Solaire Manila", and upon PAGCOR's approval of a final report. The Provisional License, as well as any regular license to be issued to replace it, is concurrent with PAGCOR's congressional franchise. PAGCOR's franchise will expire on July 11, 2033 and may be renewed by an act of Congress.
Status of Operations
The Group is currently constructing "Solaire Manila", envisioned to be the premium/luxury integrated tourism and casino development in the Entertainment City. Solaire Manila is expected to be one of the Philippines' first premium/luxury hotel and gaming resort at the time of the planned opening in the first quarter of 2013. The 8.3-hectare gaming and integrated resort complex along Aseana Boulevard in Paraflaque City is currently under construction and is expected to be the first casino to operate within Entertainment City.
The Group is expected to commence commercial operations upon completion of Phase 1 of Solaire Manila, with the opening of the main gaming area and initial non-gaming amenities, such as Solaire Manila's hotel, food and beverage outlets.
