An affiliate firm of bilyonaryo William Gatchalian has reduced more than 10 percent of its stake in his casino-hotel business, Waterfront Philippines Inc.
Chesa Holdings disclosed that it unloaded 22.959 million WPI shares from January 7 to 12, 2021.
Chesa sold the share at 57 centavos to 58 centavos each or double WPI’s 52-week low.
The sale reduced Chesa’s stake in WPI to 7.2 percent or 153.865 million shares.
Last November, Gatchalian ended his 10-year battle Philippine Amusement and Gaming Corp. after the Supreme Court upheld with finality its order granting WPI a license to build the Grand Waterfront Hotel and Casino.
WPI operates two casino-hotels, both in Cebu.