The majority owner of Melco Resorts and Entertainment (Philippines) Corp, the operator of the City of Dreams casino resort in Manila (pictured), withdrew on Friday its petition for voluntary delisting of the company.
But MCO Investments (Philippines) Ltd still wants to proceed with a voluntary tender offer to purchase up to nearly 1.57 billion outstanding common shares in Melco Resorts Philippines held by the public.
The purpose now would be to increase the majority owner’s stake: MCO Investments already owns nearly 73 percent, according to previous filings.
Last week Melco Resorts Philippines told the Philippine Stock Exchange that MCO Investments would defer its tender offer, which had been due to begin today, Monday.
A Friday filing stated the tender offer would now be deferred to an unspecified date.
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"As [Summit Ascent Holdings] is going to develop phase two of the Tiger de Cristal project, it is the right time for the company to increase its stake… such that the company can have more influence on the development of phase two"
Hong Kong-listed gaming investor Suncity Group Holdings