GGRAsia – Melco Int 2018 dividend nod, seeks new independent director

Melco Int 2018 dividend nod, seeks new independent director

Jun 14, 2019 Newsdesk Latest News, Macau, Philippines, Top of the deck, World

Shareholders of global casino investor Melco International Development Ltd have approved a final dividend for 2018.

The decision was ratified at the annual general meeting on Thursday.

Melco International’s management had recommended in its annual results issued on March 29 a final dividend totalling HKD35.7 million (US$4.6 million) or HKD0.0235 per share. At the time, the firm said it was likely the dividend would be paid on July 5.

The firm is the parent of Macau and Philippines casino operator Melco Resorts and Entertainment Ltd.

Melco International also runs in its own right a temporary casino and several satellite venues in the Republic of Cyprus as part of a monopoly licence there with local partners. Melco International will eventually launch a major new venue on the island: the under-development City of Dreams Mediterranean.

The Melco brand is also a suitor for a Japan casino licence after legalisation of such business by that country’s lawmakers last year.

Melco International’s 2018 profit attributable to shareholders rose by 10.2 percent year-on-year, to nearly HKD522.6 million.

It was also announced after Thursday’s meeting that the number of independent non-executive directors had fallen below a minimum of one-third of the board – as required under Hong Kong Stock Exchange rules – because of the retirement that day of Anthony Tyen Kan Hee.

Mr Tyen had also been chairman of Melco International’s audit committee and its nomination committee, as well as having been on its remuneration committee and the corporate governance committee.

“In order to comply with the listing rules, the company will strive to identify a suitable candidate to fill the… vacancies as soon as practicable and in any event within three months from June 13,” it said in a Thursday filing to the bourse.