CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER
1. Date of Report (Date of earliest event reported)
Nov 2, 2016
2. SEC Identification Number
52412
3. BIR Tax Identification No.
000-156-011
4. Exact name of issuer as specified in its charter
BELLE CORPORATION
5. Province, country or other jurisdiction of incorporation
PHILIPPINES
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
5/F TOWER A, TWO ECOM CENTER, PALM COAST AVENUE, MALL OF ASIA COMPLEX, PASAY CITYPostal Code1300
8. Issuer's telephone number, including area code
662-8888
9. Former name or former address, if changed since last report
n/a
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class
Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
COMMON STOCK
10,498,679,857
11. Indicate the item numbers reported herein
item 9
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Belle CorporationBEL
PSE Disclosure Form 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and Section 4.4 of the Revised Disclosure Rules
Subject of the Disclosure
Response to PSE query on clarification of news reports re: philSTAR.com news article – “Sy, Tieng family eye $50-B Cavite project”
Source
philSTAR.com news article
Subject of News Report
“Sy, Tieng family eye $50-B Cavite project”
Date of Publication
Oct 31, 2016
Clarification of News Report
Gentlemen:
We refer to your request for clarification on the reference article posted online on philSTAR.com. The article reported in part that:
“MANILA, Philippines – Henry Sy, the country’s richest man, has teamed up with the Tieng family to build a new $50-billion airport and seaport project on a reclaimed land off the coast of Sangley Point in Cavite.
The unsolicited proposal competes with another international airport project amounting to $10 billion proposed by San Miguel Corp. president and COO Ramon Ang, possibly in partnership with corporate tycoon Manuel V. Pangilinan.
Belle Corp., the high-end property developer of Sy’s SM Group, has acquired a significant stake in the Tieng family’s All-Asia Resources & Reclamation Corp. (ARRC), proponent of the Philippine Global Gateway Project just days after China Communications Construction Company signed an agreement to pour in $20 billion for the project during President Duterte’s recent state visit in Beijing. . . . .
ARRC and Belle Corp. signed the shareholders agreement in a ceremony at the Makati Shangri-La Hotel on Saturday.
Tieng said the new airport would have a capacity of 50 million passengers and is envisioned to accommodate passenger traffic well into the year 2050. . . . .
The proposed airport, which is estimated to cost $20 billion, would compete with Ang’s proposal and the existing airport, but Tieng said this shouldn’t be a problem as other cities have several airports. . . . .
Details of the shareholders agreement are still sketchy, with officials from both Belle and ARRC saying they would make the necessary disclosures in the coming days on how much is Belle’s stake in the company. . . . .
Proponents said they are targeting to have the project operational before the end of the term of President Duterte in 2022.
. . . .”
Belle Corporation confirms that it has signed an agreement with the Solar Group whereby it agreed to participate in a consortium called All-Asia Resources and Reclamation Corporation (“ARRC”) on October 29, 2016. ARRC was formed by the Tieng family to submit a proposal to the government for a reclamation project in and around Sangley Point in Cavite, called the Philippine Global Gateway Project.
Details on the Philippine Global Gateway Project, including its components, timing and investors, are being worked out by ARRC directly, and we understand that ARRC will be making the disclosures on these at the appropriate times.
Belle is currently planning to acquire an equity stake in ARRC of up to 49% subject to finalization of the subscription agreement therefor, which will include the amount and details of Belle’s subscription for shares in ARRC. Belle will make further disclosures on its new investment as soon as the details of its participation are firmed up.
Thank you for your kind attention.
Very truly yours,
Manuel A. Gana Executive Vice President & Chief Financial Officer Corporate Information Officer
Belle CorporationBEL