Belle Corp. has raised about P280 million after unloading treasury shares in a block sale, unlocking previously idle stock to help fund upcoming projects.

In a disclosure on Thursday, the Sy family-led gaming firm said its board approved the sale of 200 million treasury shares “to liquefy some of its dormant assets and to raise fresh capital to be used, partly, for the company’s forthcoming projects.”

Proceeds generated totaled P280 million

The shares were sold on Wednesday at P1.40 each, generating roughly P280 million in proceeds.

Treasury shares are previously issued stock that companies repurchase and hold in reserve. By reselling them, firms can raise funds without issuing new shares.

Following the transaction, Belle’s outstanding common shares increased to 9.896 billion from 9.696 billion.

Belle is part of the Sy group and is a partner of Melco Resorts & Entertainment in the integrated casino resort City of Dreams Manila.