Melco International Development Ltd., the Hong Kong-listed parent of Asian casino operator Melco Resorts and Entertainment, has announced a distribution in specie of US$5.4 million in proceeds from the October 18 spinoff and listing of Studio City in Macau on the New York Stock Exchange.
According to GGRAsia, the IPO offered 28.75 million American depositary shares, each one equivalent to four ordinary shares for US$12.50 each. It raised gross proceeds of about US$359.4 million, with shares rising as much as 48 percent on their debut. Stocks closed at US$15.50, up 24 percent after their first day on the NYSE.
Melco Chairman and CEO Lawrence Ho and his associates will divvy up proceeds of US$2.9 million, with Ho pocketing 53.6 percent of the payout.
