• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Melco Resorts Philippines pledges to obey stock market rules

Oct 25, 2018 Newsdesk Latest News, Philippines, Top of the deck  


Melco Resorts Philippines pledges to obey stock market rules

Melco Resorts and Entertainment (Philippines) Corp says it is pointless speculating if a current tender offer for its stock will shrink the proportion of its shares held by the public below the 10-percent threshold required by Philippine law.

The Philippine Stock Exchange asked the company on Tuesday what it would do if the proportion of its stock held by the public fell below the required minimum as a result of the tender offer made by MCO (Philippines) Investments Ltd – the firm’s majority shareholder – for publicly held shares in the company.

“It is speculative, at this time, to consider whether Melco Resorts Philippines will fall below the minimum public ownership requirement as a result of the tender offer conducted by MCO Investments,” Melco Resorts Philippines replied in a statement on Wednesday. “For this to occur, more than 60 percent of the Melco Resorts Philippines shares not currently held by MCO Investments would need to be tendered.”

The note from Melco Resorts Philippines also sought to reassure the stock exchange and minority shareholders. “Throughout the tender offer period, the company will closely coordinate with MCO Investments to continuously monitor the number of shares being tendered pursuant to the voluntary tender offer,” the company said.

“Melco Resorts Philippines shall apprise and consult with the Philippine Stock Exchange about the steps it may take if compliance with the public ownership becomes an issue,” it added.

Melco Resorts Philippines runs the City of Dreams Manila casino resort (pictured) and had asked to delist the company from the Manila exchange in September.

The company cited ongoing costs and the inability to raise capital as its justification. But it withdrew the delisting plan earlier this week, but now says it intends to buy the outstanding shares – up to 1.57 billion common shares that represent 27.23 percent of outstanding capital stock – by tender beginning next Wednesday.

MCO Investments is a subsidiary of Melco Resorts and Entertainment Ltd, an investor in Asian casinos, and owns about 3.95 billion shares in Melco Resorts Philippines.

MCO Investments says the switch from a full delisting to buying back the outstanding shares will increase its ability to deliver future business plans. Management also expects to reshape the Philippine operations once the tender deal is complete, saying it plans a “quasi-reorganisation” which has not yet been decided on.


  • tweet
Related articles
  • Kevin Benning starts new senior role at Studio City, Macau
    Kevin Benning starts new senior role at...

    Dec 11, 2020  

  • Pagcor boss affirms some Ent City casinos have PIGO permits
    Pagcor boss affirms some Ent City...

    Dec 09, 2020  

More news
  • Mohegan seeks govt nod to delay Inspire opening
    Mohegan seeks govt nod to delay Inspire...

    Jan 22, 2021  

  • Half Kangwon Land staff on mandatory leave until Jan 31
    Half Kangwon Land staff on mandatory...

    Jan 22, 2021  


Latest News

Mohegan seeks govt nod to delay Inspire opening

Mohegan seeks govt nod to delay Inspire opening

Jan 22, 2021  

The promoter of the Inspire Entertainment Resort in South Korea has officially submitted a request to the local government to postpone the opening of the scheme to 2023, a spokesperson confirmed on...
Read More
Half Kangwon Land staff on mandatory leave until Jan 31

Half Kangwon Land staff on mandatory leave until Jan 31

Jan 22, 2021  

Yokohama announces RFP timeline for casino bid

Yokohama announces RFP timeline for casino bid

Jan 22, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

"The entire company is eagerly anticipating the launch of our newest themed destination – The Londoner Macao"

Wilfred Wong Ying Wai

President of Macau-based casino operator Sands China



Most Popular

  • CNY 2021 unlikely to boost Macau casinos, say observersCNY 2021 unlikely to boost Macau casinos, say observers January 15, 2021
  • Casino op MGM China to pay most staff discretionary bonusCasino op MGM China to pay most staff discretionary bonus January 18, 2021
  • Wynn and Melco also flag bonus for Macau staffWynn and Melco also flag bonus for Macau staff January 19, 2021
  • Investors see 2H Macau gain, rebound 2022: BernsteinInvestors see 2H Macau gain, rebound 2022: Bernstein January 19, 2021
  • Wakayama casino RFP deadline affirms still 2 suitorsWakayama casino RFP deadline affirms still 2 suitors January 18, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us