Belle up on purchase of SM stake in tourism venture

SHARES IN high-end property developer Belle Corp. rallied yesterday after the firm announced a plan to acquire the SM group’s stake in a company that will put up an entertainment complex on the Manila Bay reclamation area.

Aside from the SM group and Belle Corp. others locators in the Bagong Nayong Pilipino project are Travellers International Hotel Group, a partnership between Andrew L. Tan-led Alliance Global Group Inc.; Star Cruises of Malaysia; and Aruze of Japan.

Belle went up by 1.29% or P0.02 to finish at P1.56 apiece, bucking the almost across-the-board decline of the market yesterday. The property firm was also one of the day’s most actively traded stocks, cornering 3.32% of the market’s volume.

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