GGRAsia – Lawrence Ho spends US$12mln to up stake in Melco Intl

Lawrence Ho spends US$12mln to up stake in Melco Intl

May 28, 2024 Newsdesk Latest News, Macau, Top of the deck

Lawrence Ho Yau Lung (pictured in a file photo), chairman and chief executive of Melco International Development Ltd, has upped his long position in the Hong Kong-listed company to 63.28 percent, from the 62.26 percent he had in early April, according to company data on that city’s bourse.

Melco International is the parent of Macau casino operator Melco Resorts & Entertainment Ltd, which runs gaming in Macau, the Philippines and Cyprus, and has recently announced investment in the casino portion of a resort in Sri Lanka.

Mr Ho increased his long position in Melco International via 31 transactions between April 8 and May 22, show the data.

In aggregate the steps involved nearly 15.6 million shares, at an aggregate value of just under HKD90.71 million (US$11.6 million).

The per-share price ranged from HKD5.00 to HKD6.77, according to the records.

During the same period, Mr Ho also received an aggregate of nearly 1.37 million shares in Melco International, contributing to his 63.28-percent stake in the company. Melco International controls a 52.4-percent stake in Melco Resorts, the latter also chaired by Mr Ho.

In late April, Melco Resorts posted a first-quarter net profit attributable to shareholders of US$15.2 million, on operating revenues that rose 55.2 percent year-on-year, to US$1.11 billion.