The Philippine Stock Exchange has advised casino operator Melco Resorts and Entertainment (Philippines) Corp. that it will delist the company unless at least 10 percent of its stock is made available to public investors by June 11.
The PSE suspended trading in the shares last December because of its failure to obey the rule on minimum public ownership. Melco has until June 11 to correct the matter or be automatically delisted. Melco Resorts Philippines runs the City of Dreams Manila casino resort in the capital city’s Entertainment City zone.
GGRAsia reported that MCO (Philippines) Investments Ltd. was Melco Resorts Philippines’ majority owner before a tender offer that ended on November 29. MCO had planned to take the listed entity off the stock exchange but backtracked following resistance from some stockholders.
The attempt to take the subsidiary private left just 2.1 percent of the stock available to the investing public.
