Oct 31, 2018 Newsdesk Latest News, Philippines, Top of the deck  
Melco Resorts and Entertainment (Philippines) Corp has announced that MCO (Philippines) Investments Ltd began on Wednesday a tender offer to acquire the Melco Resorts Philippines shares that it does not already own. MCO Investments is offering PHP7.25 (nearly US$0.14) a share and the offer closes on November 29.
Melco Resorts Philippines runs the City of Dreams Manila casino resort (pictured). The company told the Philippine Stock Exchange on Wednesday that the offer, amended twice by MCO Investments, was for up to about 1.57 billion common shares, for the purpose of increasing the MCO Investments stake in the company.
The common shares on the open market represent about 27.23 percent of the stock of Melco Resorts Philippines. MCO Investments is a subsidiary of Melco Resorts and Entertainment Ltd, an investor in Asian casinos, and owns about 3.95 billion shares – or 73 percent – in Melco Resorts Philippines.
The original purpose of the offer was to take Melco Resorts Philippines private. But the delisting idea was dropped this month, and MCO Investments decided instead it would increase its stake in Melco Resorts Philippines. MCO Investments said the operation would improve its ability to put its plans for Melco Resorts Philippines into action.
Amid concerns the proportion of shares held by the public might fall below the 10-percent threshold required by Philippine law once the tender offer is completed, Melco Resorts Philippines said it would meet its legal requirements. “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,” a company statement said.
May 30, 2023
May 23, 2023
Jun 02, 2023
Jun 02, 2023
Jun 02, 2023
Genting Singapore Ltd says Lam Yi Young has resigned from his role as deputy chief executive of Resorts World at Sentosa Pte Ltd. The latter firm is an indirect wholly owned subsidiary of Genting...Jun 01, 2023
Alfastreet, a manufacturer of electronic gaming machines,...Jun 01, 2023
Casino equipment maker Sega Sammy Creation Inc is tweaking...Jun 01, 2023
The iGaming segment in Asia “has grown rapidly” since...May 31, 2023
Showing slot machine players – via animations on the...May 31, 2023
Macau stocks in likelihood “have been punished too much...May 31, 2023
There are foreign companies still interested in investing...May 31, 2023
Thailand could pass the necessary enabling legislation for...May 30, 2023
China will remain a key market for Asian gaming...May 30, 2023
Alejandro Tengco (pictured in a file photo), chairman and...May 30, 2023
There are “plenty of reasons” for the global gaming...May 30, 2023
Gaming equipment provider International Game Technology Plc...May 30, 2023
The Global Gaming Expo (G2E) Asia 2023 Special Edition:...May 29, 2023
Austria-based gaming equipment maker and operator Novomatic...May 25, 2023
Sports betting and online casino operating platform...May 24, 2023
The business performance in Asia of gaming content and...May 18, 2023
The organisers of Global Gaming Expo (G2E) Asia 2023...May 17, 2023
Gaming content and equipment supplier Light & Wonder...May 16, 2023
Casino equipment maker Sega Sammy Creation Inc is to...May 09, 2023
Casino slot machine and digital gaming content provider...May 05, 2023
The Global Gaming Expo (G2E) Asia event in Singapore is the...May 04, 2023
An adviser to a Thailand parliamentary committee mulling...(Click here for more)
US$8.1 billion
Macau’s casino gross gaming revenue in the five months to May 31