“Reasons of cost and utility”
Melco Crown, the international casino company that operates two casino resorts in Macau and one in Manila, has voluntarily delisted from the Hong Kong Stock Exchange. The move, proposed in January and OK’d by shareholder in March, took effect on July 3.
The company said it took the action “for reasons of cost and utility,” and cited the lack of “appropriate opportunities to raise additional equity in Hong Kong” as well as “very limited” volume of trading in its shares on that exchange, reported GGRAsia.
“The last day of dealings in the shares on the Stock Exchange (was) on Monday, June 29, 2015, and the listing of the shares on the main board of the Stock Exchange (were) withdrawn effectively at 4 p.m. on Friday, July 3,” the company said in a regulatory filing.
The operator will retain its Nasdaq listing. Melco Crown, run by co-chairmen Lawrence Ho and James Packer, reported in May that it is renewing a one-year share repurchase program that will allow management to carry out on-market repurchases up to an aggregate of US$500 million, reported GGRAsia.
