MANILA, Philippines - A trading ban on the shares of Active Alliance Inc. (AAI), the idle listed firm acquired by Enrique Razon Jr. last year, has been lifted Tuesday, paving the way for the backdoor listing of the businessman's casino venture.

AAI closed down 22% at P38.50 apiece from its previous close of P49.50 in the market last Feb. 6.

Razon bought AAI for P200 million in November last year with the plan of using it as a vehicle to take his gaming business public.

AAI stockholders approved last week its change into a holding company with a new name, Bloomberry Resorts Corp., as well as the increase in its authorized capital stock to P15 billion from P120 million.

Razon's Prime Metroline Transit Corp. will subscribe to bulk of the capital increase.

Proceeds from the subscriptions will be used to acquire shares of Sureste Properties Inc., the company that owns Razon's casino venture Bloomberry Resorts and Hotels Inc.

Bloomberry Resorts and Hotels is building a $1-billion integrated casino complex in The Entertainment City on the Manila Bay reclamation area as part of the massive undertaking of state-run Philippine Amusement and Gaming Corp.