Belle Corp. has sold all of its shares in Pacific Online Systems Corporation (POSC) to its consolidated subsidiary Premium Leisure Corp. (PLC).

In a filing to the Philippine Stock Exchange on Wednesday, Belle said that it has raised Php1 billion ($218m) by selling its remaining 47.85m equivalent to 16.03% remaining stake to PLC.

PLC, in a separate filing said that it has already secured board approval for the sale.

The deal was priced Php20.90 per share, based on the last traded price of Pacific Online on Aug. 4.