By Jenniffer B. Austria

Premiere Entertainment Philippines Inc. plans to list its shares in the Korean Stock Exchange.

Premiere Entertainment said in a disclosure to the stock exchange that it signed a memorandum of understanding to tap Shinyoung Securities Co. Ltd. as the possible lead manager for the company’s listing in the KOSDAQ market division, or the main board of the Korea Exchange of Korean Depository Receipts.

The company did not give additional details about the listing plan.

Premiere Entertainment, meanwhile, said it formed four new wholly-owned subsidiaries that will engage in real estate and leisure and entertainment projects in the Philippines.

Premiere said it created PEP Metro Leisure Inc. to establish a leisure and entertainment complex in Metro Manila and PEP Olango Estate Inc. to develop a real estate project in Cebu province.

PEP QC Estate Inc. will develop a real estate project in Quezon City while PEP Administracio Inc. will manage the company’s real estate projects.

“Payment for the corporation’s subscription of the subscribed shares in the wholly-owned subsidiaries was made in cash,” said Premiere Entertainment.

Premiere Entertainment executive vice president Anastacio Diaz told reporters that formation of the four subsidiaries was in preparation for the company’s participation in the gaming and leisure business. The company said it would finalize the projects shortly.

Premiere Entertainment also announced that it entered into a memorandum of understanding with Parthenon Inc. and Pookok LL Co. Ltd. to conduct due diligence and audit on the two companies.