Parent now owns almost 100 percent of unit
Melco Resorts Philippines, a unit of Lawrence Ho’s Melco International Development, spent a total of PHP9.70 billion (US$184 million) in a recent share tender exercise to buy public shares it did not previously own.
The parent now owns 96.1 percent of Melco Resorts Philippines, up from 72.54 percent, having acquired approximately 1.34 billion shares at PHP7.25 per share. More than half of those shares, or about 766.7 million, were previously controlled by Philippine shareholders.
On December 10, the Philippine Stock Exchange suspended trading of Melco Resorts & Entertainment shares when the inventory of available shares fell below the minimum required by the local bourse.
Melco International originally planned to take the Philippine entity off the PSE, saying it was not helping the group raise funds in that market. It backtracked in October after stockholders opposed the delisting.
The listed unit is the operator of the City of Dreams Manila casino resort in Entertainment City.
