Melco International Development Limited de-listing Philippines subsidiary

Asian gaming and entertainments giant, Melco International Development Limited, has reportedly filed an official petition to have its own Melco Resorts and Entertainment (Philippines) Corporation weak de-listed in the Philippines Stock Exchange.

Listing not advantageous:

According to a report by GGRAsia, the activity followed a September 10 revelation the prior listing of the company behind the City of Dreams Manila integrated casino resort hadn’t contributed to its parent’s ability to increase funds in the Philippines.

Melco said that it had originally viewed the listing as ‘a significant instrument ’ this would have enabled its own subsidiary ‘to increase capital in the Philippines public market’ in order to ‘supply funds for expansion and other company strategies. ’

Reluctantly see an announcement from Melco International Development Limited…

“However, MCO Philippines Investment Limited believes that Melco Resorts and Entertainment (Philippines) Corporation’s recorded status in recent years has not contributed to its ability to increase funds despite significant efforts and expenses being incurred to keep its listed status.

Parent to conduct buy-back exercise:

Therefore, Hong Kong-recorded, Melco International Development Limited, clarified that it currently intends to spend roughly $206.6 million in order to purchase back some 1.54 billion shares in the subsidiary now held by members of the general public in a unit price of just over $0.13.

Melco reportedly comprehensive the buy-back plot is due to be run by its own MCO Philippines Investment Limited subsidiary, which already holds the majority of the stocks in Melco Resorts and Entertainment (Philippines) Corporation.

Looking into the future:

Also accountable for its Altira Macau, Studio City Macau and City of Dreams Macau integrated casino hotels as well as the Mocha Clubs series of electronic gaming equipment parlors, Melco International Development Limited also announced that the de-listing will allow it to lsquo;combine its pursuits ’ in order to ‘better support and facilitate’ its own Philippines car ’s ‘future company plans. ’