Melco Resorts to delist from Philippine Stock Exchange this week

first_imgMelco Resorts and Entertainment (Philippines) is set to be delisted from the Philippine Stock Exchange as of this Tuesday 11 June after falling below the PSE’s minimum required threshold for public ownership.The delisting comes six months to the day since Melco (Philippines) completed the crossing over of shares from a tender offer aimed at increasing the shareholding of MCO (Philippines) Investments Limited. RelatedPosts Travellers aiming to delist from Philippine Stock Exchange on 21 October Resorts World Manila operator announces plans to delist, go private Melco (Philippines), which operates City of Dreams Manila, had previously been informed by the PSE on 14 May of its intention to delist the company this week due to a failure to reach the minimum public holding threshold for six full months.Last year’s tender offer saw MCO (Philippines) Investments Limited increase its stake from 72.54% to 96.1%, pushing the amount held by other shareholders well below the required 10% minimum public ownership requirement.Melco (Philippines) is also looking to further decrease the public holding via a reduction in the number of common shares in the company from 5.9 billion to just 11,800, with the value of each share increasing from Php1 to Php500,000. Under the plan, the grouping of Melco’s current share capital into larger batches would create fractional shares, with MCO to then purchase those fractional shares at a price of Php7.25 per current share – the same price as last year’s tender offer.Melco (Philippines) had originally planned its 2018 tender offer as a means of delisting from the PSE but reversed that decision at the time due to investor concerns. Load More Lottery decline hurts Belle Corp bottom line despite rising revenues from City of Dreams Manilalast_img read more