Filipino tycoon Enrique Razon Jr. disposed more than three percent of his stake in Philippine-listed casino operator Bloomberry Resorts Corp. in a bid to boost the firm’s stock trading liquidity.

In a disclosure to the Philippine Stock Exchange on Tuesday, Razon’s Prime Metroline Holdings Inc. sold 350 million shares of Bloomberry to institutional investors for an aggregate amount of approximately PHP3.8 billion (US$74.7 million).

The sale, which was pegged at P10.85 per share, was reportedly made at an 8-percent discount to the company’s volume-weighted average price on Sept. 11 in order to increase the public ownership of the casino operator.

Prime Metroline still holds 65.58 percent of Bloomberry’s shares, still making the holding company the largest shareholder after the transaction. Goldman Sachs (Singapore) Pte. acted as the sole placement agent for this transaction.